MCA to implement new competition law in stages

The Ministry of Corporate Affairs (MCA) plans to implement the recently-enacted Competition (Amendment) Act 2023 in stages, with different provisions being implemented on different dates. This method will provide the Competition Commission of India (CCI) time to develop regulations for the new features introduced by the amendment.  The amendment is the most comprehensive change made to the Competition law since its enactment in 2002 and is expected to strengthen the CCI to deal with the rapidly changing economy. The amendment includes provisions such as the introduction of a global turnover benchmark for penalties, a Settlement and Commitment Framework for a faster market correction, a Deal Value Threshold for mergers and acquisitions, and a leniency-plus regime to detect cartels. The revised law also reduces the timeline for M&A clearances and introduces the appointment of a Director General (Investigation) by the CCI. The 25% deposit of penalty for appeals is another significant change, along with the inclusion of facilitators of certain anti-competitive agreements within the framework of the law.