The MCA vide Notification No. S.O. 1065(E). dated March 05, 2024, has appointed March 06, 2024, as the effective date for the provisions of sections 20, 35 and 40 of the Competition (Amendment) Act, 2023. These aim at strengthening the enforcement and ensuring fairer business environments. These amendments introduce stiffer penalties for enterprises or individuals violating competitive practices by allowing for fines of up to 10% of the average turnover or income over the last three years. These changes introduce provisions for contravention by companies, settlement, and commitment procedures under the Act, and enhance the framework for compensation recovery for losses in contraventions.

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