The Ministry of Corporate Affairs (MCA) has issued Notification No. S.O. 4031(E). dated September 19, 2024, announcing that clause (f) of section 19 of the Competition (Amendment) Act, 2023 has come into effect on the same date. This move is authorized under sub-section (2) of section 1 of the Act, marking a significant development in India's competition law landscape.
The Competition (Amendment) Act, 2023 introduced reforms to enhance the functioning of the Competition Commission of India (CCI), focusing on market competition, corporate practices, and consumer rights. With the implementation of clause (f) of section 19, authorities are expected to strengthen their ability to regulate anti-competitive practices more effectively.
This notification aligns with the government’s ongoing efforts to ensure fair business practices and promote healthy competition across industries. Businesses and legal professionals should stay updated on the latest regulatory changes to ensure compliance with the enhanced provisions under the amended Act.
Key Takeaways
- Clause (f) of section 19 of the Competition (Amendment) Act, 2023 is now in force.
- The Ministry of Corporate Affairs invoked its powers under section 1(2) to enforce the provision from September 19, 2024.
- The amendment aims to reinforce the Competition Commission of India’s regulatory framework.
This update is expected to have widespread implications for industries and businesses, making compliance with India's competition laws more crucial than ever.
Official copy of the notification has been attached
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