Key amendments made by the Competition (Amendment) Act 2023

The Competition Act, 2002 (‘CA 2002’) was enacted to promote and sustain competition in markets, protect the interest of consumers and ensure freedom of trade for the market participants. The Competition (Amendment) Act, 2023 (‘CAA 2023’) has amended the CA 2002 and provides for combinations based on the value of transaction, time limits have been rationalised for approval of combinations, widened scope of anti-competitive agreements, defining certain terms, etc.