The Rajya Sabha approved amendments to the antitrust law on Monday, allowing the Competition Commission of India to impose penalties on erring firms’ global turnovers rather than their local market sales, a change that could result in harsher penalties for large technology multinationals. The amendments, proposed as part of the Competition (Amendment) Bill, 2022, and approved amid controversy, also broaden the scope of penalties for cartels and their facilitators. On March 29, the Lok Sabha gave its approval to these changes. The amendments include broadening the scope of penalties for entities that collaborate in cartelisation and allowing the overseer to regulate M&As based on transaction value, with a 2,000-crore threshold, if the target entity has significant business operations in India. It also proposed that the antitrust regulator take a time-bound view on the likelihood of a combination or M&A having an adverse effect on competition.
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