{"id":218755,"date":"2022-12-16T20:19:46","date_gmt":"2022-12-16T14:49:46","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=218755"},"modified":"2022-12-16T20:19:46","modified_gmt":"2022-12-16T14:49:46","slug":"were-a-step-closer-to-an-overhaul-of-our-competition-law","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/were-a-step-closer-to-an-overhaul-of-our-competition-law\/","title":{"rendered":"We\u2019re a step closer to an overhaul of our competition law"},"content":{"rendered":"\n<p><strong>Source<\/strong>&#8211; The post is based on the article <strong>\u201c<\/strong><strong>We\u2019re a step closer to an overhaul of our competition law\u201d <\/strong>published in the <strong>mint <\/strong>on <strong>16th December 2022<\/strong>.<\/p>\n<p><strong>Syllabus: <\/strong>GS3- Indian economy<\/p>\n<p><strong>Relevance<\/strong>&#8211; Regulation of economy<\/p>\n<p><strong>News<\/strong>&#8211; The article explains the issues related to Competition(Amendment) Bill,2022. It also explains the standing committee report of this bill.<\/p>\n<h5><strong>What are key provisions of this bill?<\/strong><\/h5>\n<p><strong>Deal value threshold for CCI FIling<\/strong>&#8211; One of the key proposals of the bill is introduction of a deal-value based threshold. Currently, a deal triggers CCI filing requirements when certain thresholds based on parties turnover are met.<\/p>\n<p>The bill proposes a mandatory CCI filing requirement for all deals valued above 2000 crore rupees. Such a deal should have<strong> substantial business operations<\/strong> in India. This requirement for business presence is called the l<strong>ocal nexus requiremen<\/strong>t.<\/p>\n<p>However, there is no clarity on how the deal value would be calculated and what quantum of local nexus would trigger a filing.<\/p>\n<p><strong>Settlement of cartel cases<\/strong>&#8211; The Bill has excluded the cartels from the <strong>settlement mechanism<\/strong>. It is most pernicious violation of the competition law and settlement procedure for them would send a wrong signal.<\/p>\n<h5><strong>What are recommendations of the Standing Committee on Finance on this bill?<\/strong><\/h5>\n<p><strong>Local nexus requirement <\/strong>should apply to target and not to acquirer. Calculation of deal value and nature of local nexus has been left to CCI.<\/p>\n<p>It proposed to expand the scope of settlement mechanisms to cartels also. Admission of guilt may not be mandatory for settlement. It allowed the provision of compensation for consumers affected by cartels<\/p>\n<p>Allowing a dominant company to impose <strong>reasonable conditions<\/strong> necessary to protect IPR.<\/p>\n<p>Using the <strong>rule-of reason approach <\/strong>to assess the abuse of dominant position.<\/p>\n<p>Limiting the scope of<strong> hub and scope cartels<\/strong> to exclude those who do not intend to actively participate in furtherance of a cartel, such as online platforms acting only as <strong>intermediaries<\/strong>.<\/p>\n<p>Not raiding or recording the statement under oath made by external legal counsels or independent advocates, which would compromise the principle of <strong>attorney-client privilege<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source&#8211; The post is based on the article \u201cWe\u2019re a step closer to an overhaul of our competition law\u201d published in the mint on 16th December 2022. Syllabus: GS3- Indian economy Relevance&#8211; Regulation of economy News&#8211; The article explains the issues related to Competition(Amendment) Bill,2022. It also explains the standing committee report of this bill.&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/were-a-step-closer-to-an-overhaul-of-our-competition-law\/\">Continue reading <span class=\"screen-reader-text\">We\u2019re a step closer to an overhaul of our competition law<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,11126],"class_list":["post-218755","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-the-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704818465},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/218755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=218755"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/218755\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=218755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=218755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=218755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}