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PART II — Section 1
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PUBLISHED BY AUTHORITY

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No. 9] NEW DELHI, TUESDAY, APRIL 11, 2023/CHAITRA 21, 1945 (SAKA)

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Separate paging is given to this Part in order that it may be filed as a separate compilation.

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 11th April, 2023/Chaitra 21, 1945 (Saka)

The following Act of Parliament received the assent of the President on the
11th April, 2023 and is hereby published for general information:—

THE COMPETITION (AMENDMENT) ACT, 2023

NO. 9 OF 2023
[11th April, 2023.]
An Act further to amend the Competition Act, 2002.
BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as
follows:—
1. (1) This Act may be called the Competition (Amendment) Act, 2023. Short title and
commencement.
(2) It shall come into force on such date as the Central Government may, by notification
in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and
any reference in any such provision to the commencement of this Act shall be construed as
a reference to the coming into force of that provision.
 2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Substitution 2. In the Competition Act, 2002 (hereinafter referred to as the principal Act),— 12 of 2003.
of references
to certain (a) for the words and figures "the Companies Act, 1956", wherever they occur, 1 of 1956.
expressions the words and figures "the Companies Act, 2013" shall be substituted; 18 of 2013.
by certain
other (b) for the figures and word "1 of 1956", wherever they occur, the figures and
expressions. word "18 of 2013" shall be substituted.
Amendment 3. In section 2 of the principal Act,—
of section 2.
(a) after clause (e), the following clause shall be inserted, namely:—
'(ea) "commitment" means the commitment referred to in section 48B;';
(b) in clause (h), for the portion beginning with the words "a person or a
department of the Government" and ending with the words "defence and space", the
following words shall be substituted, namely:—
"a person or a department of the Government, including units, divisions,
subsidiaries, who or which is, or has been, engaged in any economic activity,
relating to the production, storage, supply, distribution, acquisition or control of
articles or goods, or the provision of services, of any kind, or in investment, or in
the business of acquiring, holding, underwriting or dealing with shares,
debentures or other securities of any other body corporate, either directly or
through one or more of its units or divisions or subsidiaries, but does not
include any activity of the Government relatable to the sovereign functions of
the Government including all activities carried on by the departments of the
Central Government dealing with atomic energy, currency, defence and space;";
(c) after clause (k), the following clause shall be inserted, namely:—
'(ka) "party" includes a consumer or an enterprise or a person or an
information provider, or a consumer association or a trade association, or the
Central Government or any State Government or any statutory authority, as the
case may be, and shall include an enterprise or a person against whom any
inquiry or proceeding is instituted; and any enterprise or person impleaded by
the Commission to join the proceedings;';
(d) in clause (l), in sub-clause (vi), for the words and figures "section 617 of the
Companies Act, 1956", the words, brackets and figures "clause (45) of section 2 of the 1 of 1956.
Companies Act, 2013" shall be substituted; 18 of 2013.

(e) for clause (p), the following clause shall be substituted, namely:—
'(p) "public financial institution" means public financial institution as
defined in clause (72) of section 2 of the Companies Act, 2013 and includes a 18 of 2013.
State Financial Corporation, State Industrial Corporation or State Investment
Corporation;';
(f) for clause (t), the following clause shall be substituted, namely:—
'(t) "relevant product market" means a market comprising of all those
products or services—
(i) which are regarded as inter-changeable or substitutable by the
consumer, by reason of characteristics of the products or services, their
prices and intended use; or
(ii) the production or supply of, which are regarded as inter-
changeable or substitutable by the supplier, by reason of the ease of
switching production between such products and services and marketing
them in the short term without incurring significant additional costs or
risks in response to small and permanent changes in relative prices;';
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3

(g) after clause (u), the following clause shall be inserted, namely:—
'(ua) "settlement" means the settlement referred to in section 48A;'.
4. In section 3 of the principal Act,— Amendment
of section 3.
(a) in sub-section (3), after the proviso, the following proviso shall be inserted,
namely:—
"Provided further that an enterprise or association of enterprises or a
person or association of persons though not engaged in identical or similar
trade shall also be presumed to be part of the agreement under this sub-section
if it participates or intends to participate in the furtherance of such agreement.";
(b) in sub-section (4),—
(i) for the words "Any agreement amongst enterprises or persons", the
words "Any other agreement amongst enterprises or persons including but not
restricted to agreement amongst enterprises or persons" shall be substituted;
(ii) in clause (b), for the word "supply", the word "dealing" shall be
substituted;
(iii) before the Explanation, the following proviso shall be inserted,
namely:—
"Provided that nothing contained in this sub-section shall apply to
an agreement entered into between an enterprise and an end consumer.";
(iv) in the Explanation,—
(i) for clauses (a) and (b), the following clauses shall be substituted,
namely:—
'(a) "tie-in arrangement" includes any agreement requiring a
purchaser of goods or services, as a condition of such purchase, to
purchase some other distinct goods or services;
(b) "exclusive dealing agreement" includes any agreement
restricting in any manner the purchaser or the seller, as the case may
be, in the course of his trade from acquiring or selling or otherwise
dealing in any goods or services other than those of the seller or the
purchaser or any other person, as the case may be;';
(ii) in clause (c), after the word "goods", at both the places where it
occurs, the words "or services" shall be inserted;
(iii) in clause (d), after the word "goods", at both the places where
it occurs, the words "or services" shall be inserted;
(iv) in clause (e), for the words "includes any agreement to sell
goods on condition", the words "includes, in case of any agreement to
sell goods or provide services, any direct or indirect restriction" shall be
substituted;
(c) in sub-section (5), in clause (i), after sub-clause (f), the following sub-clause
shall be inserted, namely:—
"(g) any other law for the time being in force relating to the protection of
other intellectual property rights.".
5. In section 4 of the principal Act, in sub-section (2), in clause (a), in the Explanation, Amendment
for the words "discriminatory condition or price", the words "condition or price" shall be of section 4.
substituted.
 4 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Amendment 6. In section 5 of the principal Act,—

of section 5.
(A) in clause (c), in sub-clause (ii), in item (B), for the word "India.", the words
"India; or" shall be substituted;
(B) after clause (c), the following clauses shall be inserted, namely:—
"(d) value of any transaction, in connection with acquisition of any control,
shares, voting rights or assets of an enterprise, merger or amalgamation exceeds
rupees two thousand crore:
Provided that the enterprise which is being acquired, taken control of,
merged or amalgamated has such substantial business operations in India as
may be specified by regulations.
(e) notwithstanding anything contained in clause (a) or clause (b) or
clause (c), where either the value of assets or turnover of the enterprise being
acquired, taken control of, merged or amalgamated in India is not more than such
value as may be prescribed, such acquisition, control, merger or amalgamation,
shall not constitute a combination under section 5.";
(C) for the Explanation, the following Explanation shall be substituted, namely:—
'Explanation.—For the purposes of this section,—
(a) "control" means the ability to exercise material influence, in any
manner whatsoever, over the management or affairs or strategic commercial
decisions by—
(i) one or more enterprises, either jointly or singly, over another
enterprise or group; or
(ii) one or more groups, either jointly or singly, over another
group or enterprise;
(b) "group" means two or more enterprises where one enterprise is
directly or indirectly, in a position to—
(i) exercise twenty-six per cent. or such other higher percentage
as may be prescribed, of the voting rights in the other enterprise; or
(ii) appoint more than fifty per cent. of the members of the
board of directors in the other enterprise; or
(iii) control the management or affairs of the other enterprise;
(c) "turnover" means the turnover certified by the statutory auditor
on the basis of the last available audited accounts of the company in the
financial year immediately preceding the financial year in which the notice
is filed under sub-section (2) or sub-section (4) of section 6 and such
turnover in India shall be determined by excluding intra-group sales, indirect
taxes, trade discounts and all amounts generated through assets or
business from customers outside India, as certified by the statutory auditor
on the basis of the last available audited accounts of the company in the
financial year immediately preceding the financial year in which the notice
is filed under sub-section (2) or sub-section (4) of section 6;
(d) "value of transaction" includes every valuable consideration,
whether direct or indirect, or deferred for any acquisition, merger or
amalgamation;
(e) the value of assets shall be determined by taking the book value
of the assets as shown, in the audited books of account of the enterprise,
in the financial year immediately preceding the financial year in which the
date of proposed combination falls and if such financial statement has not
yet become due to be filed with the Registrar under the Companies
Act, 2013 then as per the statutory auditor's report made on the basis of 18 of 2013.
 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5

the last available audited accounts of the company in the financial year
immediately preceding the financial year in which the notice is filed under
sub-section (2) or sub-section (4) of section 6, as reduced by any
depreciation, and the value of assets shall include the brand value, value
of goodwill, or value of copyright, patent, permitted use, collective mark,
registered proprietor, registered trade mark, registered user, homonymous
geographical indication, geographical indications, design or layout-design
or similar other commercial rights under the laws provided in sub-section (5)
of section 3;
(f) where a portion of an enterprise or division or business is being
acquired, taken control of, merged or amalgamated with another enterprise,
the value of assets or turnover or value of transaction as may be applicable,
of the said portion or division or business or attributable to it, shall be the
relevant assets or turnover or relevant value of transaction for the purpose
of applicability of the thresholds under section 5.'.
7. In section 6 of the principal Act,— Amendment
of section 6.
(a) in sub-section (2),—
(i) for the words "within thirty days of", the words "after any of the
following, but before consummation of the combination" shall be substituted;
(ii) in clause (a), after the word, brackets and letter "clause (c)", the words,
brackets and letter "and clause (d)" shall be inserted;
(iii) in clause (b), after the word, brackets and letter "clause (a)", the
words, brackets and letter "and clause (d)" shall be inserted;
(iv) the following Explanation shall be inserted, namely:—
'Explanation.—For the purposes of this sub-section, "other
document" means any document, by whatever name called, conveying an
agreement or decision to acquire control, shares, voting rights or assets or
if the acquisition is without the consent of the enterprise being acquired,
any document executed by the acquiring enterprise, by whatever name
called, conveying a decision to acquire control, shares or voting rights or
where a public announcement has been made in accordance with the
provisions of the Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011 made under the
15 of 1992. Securities and Exchange Board of India Act, 1992 for acquisition of shares,
voting rights or control such public document.';
(b) in sub-section (2A), for the words "two hundred and ten days", the words
"one hundred and fifty days" shall be substituted;
(c) in sub-section (3), for the words and figures "sections 29, 30 and 31", the
words, figures and letter "sections 29, 29A, 30 and 31" shall be substituted;
(d) for sub-sections (4) and (5) and the Explanation, the following shall be
substituted, namely:—
'(4) Notwithstanding anything contained in sub-sections (2A) and (3) and
section 43A, if a combination fulfils such criteria as may be prescribed and is not
otherwise exempted under this Act from the requirement to give notice to the
Commission under sub-section (2), then notice for such combination may be
given to the Commission in such form and on payment of such fee as may be
specified by regulations, disclosing the details of the proposed combination
and thereupon a separate notice under sub-section (2) shall not be required to
be given for such combination.
 6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(5) Upon filing of a notice under sub-section (4) and acknowledgement

thereof by the Commission, the proposed combination shall be deemed to have
been approved by the Commission under sub-section (1) of section 31 and no
other approval shall be required under sub-section (2) or sub-section (2A).
(6) If within the period referred to in sub-section (1) of section 20, the
Commission finds that the combination notified under sub-section (4) does not
fulfil the requirements specified under that sub-section or the information or
declarations provided are materially incorrect or incomplete, the approval under
sub-section (5) shall be void ab initio and the Commission may pass such order
as it may deem fit:
Provided that no such order shall be passed unless the parties to the
combination have been given an opportunity of being heard.
(7) Notwithstanding anything contained in this section and section 43A,
upon fulfilment of such criteria as may be prescribed, certain categories
of combinations shall be exempted from the requirement to comply with
sub-sections (2), (2A) and (4).
(8) Notwithstanding anything contained in sub-sections (4), (5), (6)
and (7)—
(i) the rules and regulations made under this Act on the matters
referred to in these sub-sections as they stood immediately before the
commencement of the Competition (Amendment) Act, 2023 and in force at
such commencement, shall continue to be in force, till such time as the
rules or regulations, as the case may be, made under this Act; and
(ii) any order passed or any fee imposed or combination
consummated or resolution passed or direction given or instrument
executed or issued or thing done under or in pursuance of any rules and
regulations made under this Act shall, if in force at the commencement of
the Competition (Amendment) Act, 2023, continue to be in force, and shall
have effect as if such order passed or such fee imposed or such combination
consummated or such resolution passed or such direction given or such
instrument executed or issued or done under or in pursuance of this Act.
(9) The provisions of this section shall not apply to share subscription or
financing facility or any acquisition, by a public financial institution, foreign
portfolio investor, bank or Category I alternative investment fund, pursuant to
any covenant of a loan agreement or investment agreement.
Explanation.—For the purposes of this section, the expression—
(a) "Category I alternative investment fund" has the same meaning
as assigned to it under the Securities and Exchange Board of India
(Alternative Investment Funds) Regulations, 2012 made under the
Securities and Exchange Board of India Act, 1992; 15 of 1992.

(b) "foreign portfolio investor" has the same meaning as assigned

to it under the Securities and Exchange Board of India (Foreign Portfolio
Investors) Regulations, 2019 made under the Securities and Exchange
Board of India Act,1992.'. 15 of 1992.

Insertion of a 8. After section 6 of the principal Act, the following section shall be inserted, namely:—
new section
6A.
Open offers, '6A. Nothing contained in sub-section (2A) of section 6 and section 43A shall
etc. prevent the implementation of an open offer or an acquisition of shares or securities
 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 7

convertible into other securities from various sellers, through a series of transactions
on a regulated stock exchange from coming into effect, if—
(a) the notice of the acquisition is filed with the Commission within such
time and in such manner as may be specified by regulations; and
(b) the acquirer does not exercise any ownership or beneficial rights or
interest in such shares or convertible securities including voting rights and
receipt of dividends or any other distributions, except as may be specified by
regulations, till the Commission approves such acquisition in accordance with
the provisions of sub-section (2A) of section 6 of the Act.
Explanation.—For the purposes of this section, "open offer" means an open
offer made in accordance with the Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulation, 2011 made under the Securities and
15 of 1992. Exchange Board of India Act,1992.'.
9. In section 8 of the principal Act, in sub-section (2), after the word "industry,", the Amendment
word "technology," shall be inserted. of section 8.

10. In section 9 of the principal Act, in sub-section (1), in clause (d), after the word Amendment
"industry,", the word "technology," shall be inserted. of section 9.

11. For section 12 of the principal Act, the following section shall be substituted, Substitution of
namely:— new section
for section 12.

"12. (1) The Chairperson and other Members shall, for a period of two years from Restriction on
the date on which they cease to hold office, not accept any employment in or advise as employment
of Chairperson
a consultant, retainer or in any other capacity whatsoever, or be connected with the and other
management or administration of— Members.
(a) any enterprise which is or has been a party to a proceeding before the
Commission under this Act; or
(b) any person who appears or has appeared before the Commission under
section 35.
(2) Notwithstanding anything contained in section 35, the Chairperson or any
other Member after retirement or otherwise ceasing to be in service for any reason
shall not represent for any person or enterprise before the Commission:
Provided that nothing contained in this section shall apply to any employment
under the Central Government or a State Government or local authority or in any
statutory authority or any corporation established by or under any Central, State or
Provincial Act or a Government company as defined in clause (45) of section 2 of the
18 of 2013. Companies Act, 2013.".
12. In section 16 of the principal Act, in sub-section (1), for the words "Central Amendment
Government may, by notification", the words "Commission may, with the prior approval of of section 16.

the Central Government" shall be substituted.

13. For section 18 of the principal Act, the following section shall be substituted, Substitution
namely:— of new
section for
section 18.

"18. Subject to the provisions of this Act, it shall be the duty of the Commission Duties and
to eliminate practices having adverse effect on competition, promote and sustain functions of
Commission.
competition, protect the interests of consumers and ensure freedom of trade carried on
by other participants, in markets in India:
 8 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Provided that the Commission may, for the purpose of discharging its duties or
performing its functions under this Act, enter into any memorandum or arrangement with
the prior approval of the Central Government, with any agency of any foreign country:
Provided further that, the Commission may, for the purpose of discharging its
duties or performing its functions under this Act, enter into any memorandum or
arrangement with any statutory authority or department of Government.".
Amendment 14. In section 19 of the principal Act,—
of section 19.
(a) in sub-section (1), the following provisos shall be inserted, namely:—
"Provided that the Commission shall not entertain an information or a
reference unless it is filed within three years from the date on which the cause of
action has arisen:
Provided further that an information or a reference may be entertained
after the period specified in the first proviso if the Commission is satisfied that
there had been sufficient cause for not filing the information or the reference
within such period after recording its reasons for condoning such delay.";
(b) in sub-section (3),—
(i) in clause (c), the words "by hindering entry into the market" shall be
omitted;
(ii) in clause (d), for the words "accrual of benefits", the words "benefits
or harm" shall be substituted;
(c) in sub-section (6), after clause (h), the following clauses shall be inserted,
namely:—
"(i) characteristics of goods or nature of services;
(j) costs associated with switching supply or demand to other areas.";
(d) in sub-section (7),—
(i) in clause (a), after the words "end-use of goods", the words "or the
nature of services" shall be inserted;
(ii) after clause (f), the following clauses shall be inserted, namely:—
"(g) costs associated with switching demand or supply to other
goods or services;
(h) categories of customers.".
Amendment 15. In section 20 of the principal Act,—
of section 20.
(a) in sub-section (1), for the words, brackets and letter "clause (c) of that
section", the words, brackets, letters and figure "clause (c) of section 5 or acquisition
of any control, shares, voting right or assets of an enterprise, merger or amalgamation
referred to in clause (d) of that section" shall be substituted;
(b) in sub-section (3), for the words "by notification, enhance or reduce, on the
basis of the wholesale price index or fluctuations in exchange rate of rupee or foreign
currencies, the value of assets or the value of turnover", the words "enhance or reduce
by notification, or keep at the same level, on the basis of the wholesale price index or
fluctuations in exchange rate of rupee or foreign currencies, or such factors that in its
opinion are relevant in this matter, the value of assets or the value of turnover or value
of transaction" shall be substituted;
(c) in sub-section (4), in clause (c), for the word "combination", the word
"concentration" shall be substituted.
Amendment 16. In section 21 of the principal Act, in sub-section (1), for the proviso, the following
of section 21. proviso shall be substituted, namely:—
"Provided that any statutory authority, may, suo motu, make a reference to the
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9

Commission on any issue that involves any provision of this Act or is related to
promoting the objectives of this Act, as the case may be.".
17. In section 21A of the principal Act, in sub-section (1),— Amendment of
section 21A.
(a) for the words "this Act", the words "an Act" shall be substituted;
(b) for the proviso, the following proviso shall be substituted, namely:—
"Provided that the Commission, may, suo motu, make a reference to a
statutory authority on any issue that involves provisions of an Act whose
implementation is entrusted to that statutory authority.".
18. In section 22 of the principal Act, in sub-section (3), the words "and in the event Amendment
of equality of votes, the Chairperson or in his absence, the Member presiding, shall have a of section 22.
second or casting vote" shall be omitted.
19. In section 26 of the principal Act,— Amendment
of section 26.
(a) after sub-section (2), the following sub-section shall be inserted, namely:—
"(2A) The Commission may not inquire into agreement referred to in
section 3 or conduct of an enterprise or group under section 4, if the same or
substantially the same facts and issues raised in the information received under
section 19 or reference from the Central Government or a State Government or a
statutory authority has already been decided by the Commission in its previous
order.";
(b) after sub-section (3), the following sub-sections shall be inserted, namely:—
"(3A) If, after consideration of the report of the Director General referred to
in sub-section (3), the Commission is of the opinion that further investigation is
required, it may direct the Director General to investigate further into the matter.
(3B) The Director General shall, on receipt of direction under
sub-section (3A), investigate the matter and submit a supplementary report on
his findings within such period as may be specified by the Commission.";
(c) in sub-section (4), for the word, brackets and figure "sub-section (3)",
at both the places where they occur, the words, brackets, figures and letter
"sub-sections (3) and (3B)" shall be substituted;
(d) in sub-section (5), for the word, brackets and figure "sub-section (3)", the
words, brackets, figures and letter "sub-sections (3) and (3B)" shall be substituted;
(e) in sub-section (8), for the word, brackets and figure "sub-section (3)", the
words, brackets, figures and letter "sub-sections (3) and (3B)" shall be substituted;
(f) after sub-section (8), the following sub-section shall be inserted, namely:—
"(9) Upon completion of the investigation or inquiry under
sub-section (7) or sub-section (8), as the case may be, the Commission may pass
an order closing the matter or pass an order under section 27, and send a copy of
its order to the Central Government or the State Government or the statutory
authority or the parties concerned, as the case may be:
Provided that before passing such order, the Commission shall issue a
show-cause notice indicating the contraventions alleged to have been committed
and such other details as may be specified by regulations and give a reasonable
opportunity of being heard to the parties concerned.".
20. In section 27 of the principal Act, for clause (b), the following clause shall be Amendment
of section 27.
substituted, namely:—
'(b) impose such penalty, as it may deem fit which shall be not more than ten
per cent. of the average of the turnover or income, as the case may be, for the last three
 10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

preceding financial years, upon each of such person or enterprise which is a party to
such agreement or has abused its dominant position:
Provided that in case any agreement referred to in section 3 has been entered
into by a cartel, the Commission may impose upon each producer, seller, distributor,
trader or service provider included in that cartel, a penalty of up to three times of its
profit for each year of the continuance of such agreement or ten per cent. of its
turnover or income, as the case may be, for each year of the continuance of such
agreement, whichever is higher.
Explanation 1.—For the purposes of this clause, the expression "turnover" or
"income", as the case may be, shall be determined in such manner as may be specified
by regulations.
Explanation 2.—For the purposes of this clause, "turnover" means global
turnover derived from all the products and services by a person or an enterprise.'.
Amendment 21. In section 29 of the principal Act,—
of section 29.
(a) in sub-section (1), for the words "within thirty days", the words "within
fifteen days" shall be substituted;
(b) after sub-section (1A), the following sub-section shall be inserted, namely:—
"(1B) The Commission shall, within thirty days of receipt of notice under
sub-section (2) of section 6, form its prima facie opinion referred to in
sub-section (1).";
(c) in sub-section (2),—
(i) for the words "within seven working days", the words "within seven
days" shall be substituted;
(ii) for the words "within ten working days", the words "within seven
days" shall be substituted;
(d) in sub-section (3), for the words "within fifteen working days", the words
"within ten days" shall be substituted;
(e) in sub-section (4), for the words "within fifteen working days", the words
"within seven days" shall be substituted;
(f) in sub-section (5), for the words "within fifteen days", the words "within
ten days" shall be substituted;
(g) for sub-section (6), the following sub-sections shall be substituted, namely:—
"(6) After receipt of all information, the Commission shall proceed to deal
with the case in accordance with the provisions contained in section 29A or
section 31, as the case may be.
(7) Notwithstanding anything contained in this section, the Commission
may accept appropriate modifications offered by the parties to the combination
or suo motu propose modifications, as the case may be, before forming a
prima facie opinion under sub-section (1).".
Insertion of 22. After section 29 of the principal Act, the following section shall be inserted,
new section namely:—
29A.
Issue of "29A. (1) Upon completion of the process under section 29, where the Commission
statement of is of the opinion that the combination has, or is likely to have, an appreciable adverse
objections by
effect on competition, it shall issue a statement of objections to the parties identifying
Commission
and proposal such appreciable adverse effect on competition and direct the parties to explain within
of twenty-five days of receipt of the statement of objections, why such combination
modifications. should be allowed to take effect.
(2) Where the parties to the combination consider that such appreciable adverse
effect on competition can be eliminated by suitable modification to such combination,
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11

they may submit an offer of appropriate modification to the combination along with
their explanation to the statement of objections issued under sub-section (1) in such
manner as may be specified by regulations.
(3) If the Commission does not accept the modification submitted by the parties
under sub-section (2) it shall, within seven days from the date of receipt of the proposed
modifications under that sub-section, communicate to the parties as to why the
modification is not sufficient to eliminate the appreciable adverse effect on competition
and call upon the parties to furnish, within twelve days of the receipt of the said
communication, revised modification, if any, to eliminate the appreciable adverse effects
on competition:
Provided that the Commission shall evaluate such proposal for modification
within twelve days from receipt of such proposal:
Provided further that the Commission may suo motu propose appropriate
modifications to the combination which may be considered by the parties to the
combination.".
23. In section 31 of the principal Act,— Amendment
of section 31.
(a) in the marginal heading, the word "certain" shall be omitted;
(b) in sub-section (1), the words "including the combination" shall be omitted;
(c) after sub-section (1), the following proviso shall be inserted, namely:—
"Provided that if the Commission does not form a prima facie opinion
as provided under sub-section (1B) of section 29, the combination shall be
deemed to have been approved and no separate order shall be required to be
passed.";
(d) for sub-sections (3), (4), (5) and (6), the following sub-sections shall be
substituted, namely:—
"(3) Where the Commission is of the opinion that any appreciable adverse
effect on competition that the combination has, or is likely to have, can be
eliminated by modification proposed by the parties or the Commission, as the
case may be, under sub-section (7) of section 29 or sub-section (2) or
sub-section (3) of section 29A, it may approve the combination subject to such
modifications as it thinks fit.
(4) Where a combination is approved by the Commission under
sub-section (3), the parties to the combination shall carry out such modification
within such period as may be specified by the Commission.
(5) Where—
(a) the Commission has directed under sub-section (2) that the
combination shall not take effect; or
(b) the parties to the combination, fail to carry out the modification
within such period as may be specified by the Commission under
sub-section (4); or
(c) the Commission is of the opinion that the combination has, or is
likely to have, an appreciable adverse effect on competition which cannot
be eliminated by suitable modification to such combination,
then, without prejudice to any penalty which may be imposed or any prosecution
which may be initiated under this Act, the Commission may order that such
combination shall not be given effect to, or be declared void, or frame a scheme
to be implemented by the parties to address the appreciable adverse effect on
competition, as the case may be.
 12 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(6) If no order is passed or direction issued by the Commission in

accordance with the provisions of sub-section (1) or sub-section (2) or
sub-section (3) or sub-section (5), as the case may be, within a period of one
hundred and fifty days from the date of notice given to the Commission under
sub-section (2) of section 6, the combination shall be deemed to have been
approved by the Commission.";

(e) sub-sections (7), (8), (9), (10), (11) and (12) shall be omitted.

Amendment 24. In section 32 of the principal Act, for the figures and word "29 and 30", the figures,
of section 32. letter and word "29, 29A and 30" shall be substituted.

Amendment 25. Section 35 of the principal Act shall be numbered as sub-section (1) thereof,—
of section 35.
(a) in sub-section (1) as so numbered, for the words "A person or an enterprise",
the words "A party'' shall be substituted;

(b) after sub-section (1) as so numbered, the following sub-section shall be

inserted, namely:—

"(2) Without prejudice to sub-section (1), a party may call upon experts
from the fields of economics, commerce, international trade or from any other
discipline to provide an expert opinion in connection with any matter related to
a case.".

Amendment 26. In section 41 of the principal Act,—

of section 41.
(a) for sub-section (3), the following sub-sections shall be substituted, namely:—

"(3) Without prejudice to sub-section (2), it shall be the duty of all officers,
other employees and agents of a party which are under investigation—

(a) to preserve and to produce all information, books, papers, other

documents and records of, or relating to, the party which are in their
custody or power to the Director General or any person authorised by it in
this behalf; and

(b) to give all assistance in connection with the investigation to the

Director General.

(4) The Director General may require any person other than a party referred
to in sub-section (3) to furnish such information or produce such books, papers,
other documents or records before it or any person authorised by it in this behalf
if furnishing of such information or the production of such books, papers, other
documents or records is relevant or necessary for the purposes of its
investigation.

(5) The Director General may keep in his custody any information, books,
papers, other documents or records produced under sub-section (3) or
sub-section (4) for a period of one hundred and eighty days and thereafter shall
return the same to the person by whom or on whose behalf the information,
books, papers, other documents or records were produced:

Provided that the information, books, papers, other documents or records

may be called for by the Director General if they are needed again for a further
period of one hundred and eighty days by an order in writing:
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 13

Provided further that the certified copies of the information, books, papers,
other documents or records, as may be applicable, produced before the Director
General may be provided to the party or person on whose behalf the information,
books, papers, other documents or records are produced at their own cost.
(6) The Director General may examine on oath—
(a) any of the officers and other employees and agents of the party
being investigated; and
(b) with the previous approval of the Commission, any other person,
in relation to the affairs of the party being investigated and may administer an
oath accordingly and for that purpose may require any of those persons to
appear before it personally.
(7) The examination under sub-section (6) shall be recorded in writing and
shall be read over to or by, and signed by, the person examined and may thereafter
be used in evidence against it.
(8) Where in the course of investigation, the Director General has reasonable
grounds to believe that information, books, papers, other documents or records
of, or relating to, any party or person, may be destroyed, mutilated, altered,
falsified or secreted, the Director General may make an application to the Chief
Metropolitan Magistrate, Delhi for an order for seizure of such information,
books, papers, other documents or records.
(9) The Director General may make requisition of the services of any police
officer or any officer of the Central Government to assist him for all or any of the
purposes specified in sub-section (10) and it shall be the duty of every such
officer to comply with such requisition.
(10) The Chief Metropolitan Magistrate, Delhi may, after considering the
application and hearing from the Director General, by order, authorise the Director
General—
(a) to enter, with such assistance, as may be required, the place or
places where such information, books, papers, other documents or records
are kept;
(b) to search that place or places in the manner specified in the
order; and
(c) to seize information, books, papers, other documents or records
as it considers necessary for the purpose of the investigation:
Provided that certified copies of the seized information, books, papers,
other documents or records, as the case may be, may be provided to the party or
person from whose place or places such documents have been seized at its cost.
(11) The Director General shall keep in his custody such information,
books, papers, other documents or records seized under this section for such
period not later than the conclusion of the investigation as it considers necessary
and thereafter shall return the same to the party or person from whose custody
or power they were seized and inform the Chief Metropolitan Magistrate, of
such return:
Provided that the Director General may, before returning such information,
books, papers, other documents or records take copies of, or extracts thereof or
place identification marks on them or any part thereof.
 14 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(12) Save as otherwise provided in this section, every search or seizure

made under this section shall be carried out in accordance with the provisions of
the Code of Criminal Procedure, 1973, relating to search or seizure made under 2 of 1974.
that Code.";

(b) for the Explanation, the following Explanation shall be substituted,

namely:—
‘Explanation.—For the purposes of this section,—
(a) "agent", in relation to any person, means any one acting or
purporting to act for or on behalf of such person, and includes the bankers,
and persons employed as auditors and legal advisors, by such person;

(b) "officers", in relation to any company or body corporate, includes

any trustee for the debenture holders of such company or body corporate;
(c) any reference to officers and other employees or agents shall be
construed as a reference to past as well as present officers and other
employees or agents, as the case may be.’.

Amendment 27. In section 42 of the principal Act,—

of section 42.
(a) in sub-section (2), for the words, figures and letters "sections 27, 28, 31, 32,
33, 42A and 43A of the Act, he shall be punishable with fine", the words, figures and
letters "sections 6, 27, 28, 31, 32, 33, 42A, 43, 43A, 44 and 45 of the Act, he shall be liable
to a penalty" shall be substituted;
(b) in sub-section (3), for the words, brackets and figure "pay the fine
imposed under sub-section (2)'', the words, brackets and figure "pay the penalty
imposed under sub-section (2)'' shall be substituted.
Amendment 28. In section 42A of the principal Act, for the words and figures "under sections 27",
of section the words and figures "under sections 6, 27" shall be substituted.
42A.

Amendment 29. In section 43 of the principal Act, for the words "shall be punishable with fine", the
of section 43. words "shall be liable to a penalty" shall be substituted.
Substitution 30. For section 43A of the principal Act, the following section shall be substituted,
of new namely:—
section for
section 43A.

Power to "43A. If any person or enterprise fails to give notice to the Commission under
impose sub-section (2) or sub-section (4) of section 6 or contravenes sub-section (2A) of
penalty for section 6 or submit information pursuant to an inquiry under sub-section (1) of
non-
furnishing of section 20, the Commission may impose on such person or enterprise, a penalty which
information may extend to one per cent., of the total turnover or assets or the value of transaction
on referred to in clause (d) of section 5, whichever is higher, of such a combination:
combination.
Provided that in case any person or enterprise has given a notice under
sub-section (4) of section 6 and such notice is found to be void ab initio under
sub-section (6) of section 6, then a notice under sub-section (2) of section 6 may be
given by the acquirer or parties to the combination, as may be applicable, within a
period of thirty days of the order of the Commission under sub-section (6) of that
section and no action under this section shall be taken by the Commission till the
expiry of such period of thirty days.".

Amendment 31. In section 44 of the principal Act, for the words "rupees one crore", the words
of section 44. "rupees five crore" shall be substituted.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 15

32. In section 45 of the principal Act,— Amendment

of section 45.
(a) in the marginal heading, for the word "offences", the word "contraventions"
shall be substituted;
(b) in sub-section (1),—
(i) after the words "Without prejudice to the provisions of", the words,
brackets and figures "sub-section (6) of section 6 and" shall be inserted;
(ii) for the words "punishable with fine", the words "liable to a penalty"
shall be substituted.
33. For section 46 of the principal Act, the following section shall be substituted, Substitution of
namely:— new section
for section 46.

"46. (1) The Commission may, if it is satisfied that any producer, seller, Power to
distributor, trader or service provider included in any cartel, which is alleged to have impose lesser
penalty.
violated section 3, has made a full and true disclosure in respect of the alleged
violations and such disclosure is vital, impose upon such producer, seller, distributor,
trader or service provider a lesser penalty as may be specified by regulations, than
leviable under this Act or the rules or the regulations made under this Act:
Provided that lesser penalty shall not be imposed by the Commission in cases
where the report of investigation directed under section 26 has been received before
making of such disclosure:
Provided further that lesser penalty shall be imposed by the Commission only in
respect of a producer, seller, distributor, trader or service provider included in the
cartel, who has made the full, true and vital disclosures under this section:
Provided also that lesser penalty shall not be imposed by the Commission if the
person making the disclosure does not continue to co-operate with the Commission till
the completion of the proceedings before the Commission:
Provided also that the Commission may, if it is satisfied that such producer,
seller, distributor, trader or service provider included in the cartel had in the course of
proceedings,—
(a) not complied with the condition on which the lesser penalty was
imposed by the Commission; or
(b) had given false evidence; or
(c) the disclosure made is not vital,
and thereupon such producer, seller, distributor, trader or service provider may be tried
for the contravention with respect to which the lesser penalty was imposed and shall
also be liable to the imposition of penalty to which such person has been liable, had
lesser penalty not been imposed.
(2) The Commission may allow a producer, seller, distributor, trader or service
provider included in the cartel, to withdraw its application for lesser penalty under this
section, in such manner and within such time as may be specified by regulations.
(3) Notwithstanding anything contained in sub-section (2), the Director General
and the Commission shall be entitled to use for the purposes of this Act, any evidence
submitted by a producer, seller, distributor, trader or service provider in its application for
lesser penalty, except its admission.
(4) Where during the course of the investigation, a producer, seller, distributor,
trader or service provider who has disclosed a cartel under sub-section (1), makes a
full, true and vital disclosure under sub-section (1) with respect to another cartel in
which it is alleged to have violated section 3, which enables the Commission to form a
prima facie opinion under sub-section (1) of section 26 that there exists another cartel,
then the Commission may impose upon such producer, seller, distributor, trader or
 16 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

service provider a lesser penalty as may be specified by regulations, in respect of the

cartel already being investigated, without prejudice to the producer, seller, distributor,
trader or service provider obtaining lesser penalty under sub-section (1) regarding the
newly disclosed cartel.".
Amendment 34. In section 47 of the principal Act, after the word "penalties'', the words "and
of section 47.
recovery of legal costs by the Commission" shall be inserted.
Substitution of 35. For section 48 of the principal Act, the following sections shall be substituted,
new sections namely:—
for section 48.
Contravention '48. (1) Where a person committing contravention of any of the provisions of
by companies. this Act or of any rule, regulation, order made or direction issued thereunder is a company,
every person who, at the time the contravention was committed, was in charge of, and
was responsible to the company for the conduct of the business of the company, as
well as the company, shall be deemed to be in contravention of this Act and unless
otherwise provided in this Act, the Commission may impose such penalty on such
persons, as it may deem fit which shall not be more than ten per cent. of the average of
the income for the last three preceding financial years:
Provided that in case any agreement referred to in sub-section (3) of section 3
has been entered into by a cartel, the Commission may unless otherwise provided in
this Act, impose upon such persons referred to in sub-section (1), a penalty of up to
ten per cent. of the income for each year of the continuance of such agreement.
(2) Nothing contained in sub-section (1) shall render any such person liable to
any penalty if he proves that the contravention was committed without his knowledge or
that he had exercised all due diligence to prevent the commission of such
contravention.
(3) Notwithstanding anything contained in sub-section (1), where a
contravention of any of the provisions of this Act or of any rule, regulation, order
made or direction issued thereunder has been committed by a company and it is
proved that the contravention has taken place with the consent or connivance of, or is
attributable to any neglect on the part of, any director, manager, secretary or other
officers of the company, such director, manager, secretary or other officers shall also
be deemed to be in contravention of the provisions of this Act and unless otherwise
provided in this Act, the Commission may impose such penalty on such persons, as it
may deem fit which shall not be more than ten per cent. of the average of the income for
the last three preceding financial years:
Provided that in case any agreement referred to in sub-section (3) of section 3
has been entered into by a cartel, the Commission may, unless otherwise provided
under this Act, impose upon such person a penalty as it may deem fit which shall not
exceed ten per cent. of the income for each year of the continuance of such agreement.
Explanation.—For the purposes of this section,—
(a) "company" means a body corporate and includes a firm or other
association of individuals;
(b) "director", in relation to a firm, means a partner in the firm;
(c) "income", in relation to a person, shall be determined in such manner as
may be specified by regulations.
Settlement. 48A. (1) Any enterprise, against whom any inquiry has been initiated under
sub-section (1) of section 26 for contravention of sub-section (4) of section 3 or
section 4, may, for settlement of the proceeding initiated for the alleged contraventions,
submit an application in writing to the Commission in such form and upon payment of
such fee as may be specified by regulations.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17

(2) An application under sub-section (1) may be submitted at any time after the
receipt of the report of the Director General under sub-section (4) of section 26 but
prior to such time before the passing of an order under section 27 or section 28 as may
be specified by regulations.
(3) The Commission may, after taking into consideration the nature, gravity and
impact of the contraventions, agree to the proposal for settlement, on payment of such
amount by the applicant or on such other terms and manner of implementation of
settlement and monitoring as may be specified by regulations.
(4) While considering the proposal for settlement, the Commission shall provide
an opportunity to the party concerned, the Director General, or any other party to
submit their objections and suggestions, if any.
(5) If the Commission is of the opinion that the settlement offered under
sub-section (1) is not appropriate in the circumstances or if the Commission and the
party concerned do not reach an agreement on the terms of the settlement within such
time as may be specified by regulations, it shall, by order, reject the settlement application
and proceed with its inquiry under section 26.
(6) The procedure for conducting the settlement proceedings under this section
shall be such as may be specified by regulations.
(7) No appeal shall lie under section 53B against any order passed by the
Commission under this section.
(8) All settlement amounts, realised under this Act shall be credited to the
Consolidated Fund of India.
48B. (1) Any enterprise, against whom any inquiry has been initiated under Commitment.
sub-section (1) of section 26 for contravention of sub-section (4) of section 3 or
section 4, as the case may be, may submit an application in writing to the Commission,
in such form and on payment of such fee as may be specified by regulations, offering
commitments in respect of the alleged contraventions stated in the Commission's
order under sub-section (1) of section 26.
(2) An offer for commitments under sub-section (1) may be submitted at any time
after an order under sub-section (1) of section 26 has been passed by the Commission
but within such time prior to the receipt by the party of the report of the Director
General under sub-section (4) of section 26 as may be specified by regulations.
(3) The Commission may, after taking into consideration the nature, gravity and
impact of the alleged contraventions and effectiveness of the proposed commitments,
accept the commitments offered on such terms and the manner of implementation and
monitoring as may be specified by regulations.
(4) While considering the proposal for commitment, the Commission shall provide
an opportunity to the party concerned, the Director General, or any other party to
submit their objections and suggestions, if any.
(5) If the Commission is of the opinion that the commitment offered under
sub-section (1) is not appropriate in the circumstances or if the Commission and the
party concerned do not reach an agreement on the terms of the commitment, it shall
pass an order rejecting the commitment application and proceed with its inquiry under
section 26 of the Act.
(6) The procedure for commitments offered under this section shall be such as
may be specified by regulations.
(7) No appeal shall lie under section 53B against any order passed by the
Commission under this section.
 18 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

Revocation 48C. If an applicant fails to comply with the order passed under section 48A or
of the section 48B or it comes to the notice of the Commission that the applicant has not
settlement or
commitment
made full and true disclosure or there has been a material change in the facts, the order
order and passed under section 48A or section 48B, as the case may be, shall stand revoked and
penalty. withdrawn and such enterprise shall be liable to pay legal costs incurred by the
Commission which may extend to rupees one crore and the Commission may restore or
initiate the inquiry in respect of which the order under section 48A or section 48B was
passed.'.
Amendment 36. In section 49 of the principal Act, in sub-section (3), after the words "competition
of section 49. advocacy", the words "or culture" shall be inserted.
Amendment 37. In section 51 of the principal Act, in sub-section (1), after clause (d), the following
of section 51. clause shall be inserted, namely:—
"(e) all sums received by the Commission from such other sources as may be
decided upon by the Government.".
Amendment 38. In section 53A of the principal Act, in sub-section (1), in clause (a), for the words,
of section brackets and figures "sub-sections (2) and (6) of section 26", the words, brackets, figures
53A.
and letter "sub-section (6) of section 6, sub-sections (2), (2A), (6) and (9) of section 26"
shall be substituted.
Amendment 39. In section 53B, in sub-section (2), after the proviso, the following proviso shall be
of section inserted, namely:—
53B.
"Provided further that no appeal by a person, who is required to pay any amount
in terms of an order of the Commission, shall be entertained by the Appellate Tribunal
unless the appellant has deposited twenty-five per cent. of that amount in the manner
as directed by the Appellate Tribunal.".
Amendment 40. In section 53N of the principal Act,—
of section
53N. (a) in sub-section (1), for the words, brackets, figures and letter "under
sub-section (2) of section 53Q of the Act, and to pass an order for the recovery of
compensation from any enterprise for any loss or damage shown to have been suffered,
by the Central Government or a State Government or a local authority or any enterprise
or any person as a result of any contravention of the provisions of Chapter II, having
been committed by enterprise", the words, brackets, figures and letters "under
sub-section (2) of section 53Q or the orders of the Supreme Court in an appeal against
the findings of the Appellate Tribunal under section 53T or an order for settlement
passed under section 48A, and to pass an order for the recovery of compensation from
any enterprise for any loss or damage shown to have been suffered, by the Central
Government or a State Government or a local authority or any enterprise or any person
as a result of any contravention of the provisions of Chapter II, having been committed
by enterprise or as a result of order of settlement passed by the Commission" shall be
substituted;
(b) in sub-section (2), after the words "findings of the Commission", the words
"or Appellate Tribunal or the Supreme Court, or an order for settlement" shall be
inserted;
(c) in the Explanation,—
(i) in clause (a), after the words, brackets, figures and letter "sub-section (1)
of section 53A", the words, figures and letter "or the Supreme Court on appeal
under section 53T" shall be inserted;
(ii) in clause (b), after the words "or the Appellate Tribunal", the words "or
the Supreme Court," shall be inserted.
 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 19

41. In section 53Q of the principal Act, for sub-section (1), the following sub-section Amendment
shall be substituted, namely:— of section
53Q.
"(1) Without prejudice to the provisions of this Act, if any person contravenes,
without any reasonable ground, any order of the Appellate Tribunal, he shall be liable
for contempt proceeding under section 53U.".
42. After section 59 of the principal Act, the following section shall be inserted, namely:— Insertion of
new section
59A.

2 of 1974. "59A. Notwithstanding anything contained in the Code of Criminal Procedure, 1973, Compounding
any offence punishable under this Act, not being an offence punishable with of certain
offences.
imprisonment only or imprisonment and also with fine, may either before or after the
institution of any proceeding, be compounded by the Appellate Tribunal or a court
before which such proceeding is pending.".
43. In section 63 of the principal Act, in sub-section (2),— Amendment
of section 63.
(i) clause (a) shall be re-lettered as clause (ae) thereof, and before clause (ae) as
so re-lettered, the following clauses shall be inserted, namely:—
"(a) the value of the assets or turnover of the enterprise acquired, taken
control of, merged or amalgamated in India under clause (e) of section 5;
(ab) the percentage of voting rights higher than twenty-six per cent. under
sub-clause (i) of clause (b) of the Explanation to section 5;
(ac) the criteria of combinations under sub-section (4) of section 6;
(ad) the criteria under sub-section (7) of section 6;";
(ii) after clause (mf), the following clause shall be inserted, namely:—
"(mg) the form of the publication of guidelines under sub-section (5) of
section 64B;".
44. In section 64 of the principal Act, in sub-section (2),— Amendment
of section 64.
(i) for clause (c), the following clauses shall be substituted, namely:—
"(c) the manner of determination of substantial business operations in
India under clause (d) of section 5;
(ca) the form and fee for notice for combination under sub-section (4) of
section 6;
(cb) the time and manner for filing notice of acquisition under clause (a) of
section 6A;
(cc) the manner and circumstance in which the acquirer may exercise the
ownership or beneficial right or interest in shares or convertible securities
including voting right and receipt of dividends or any other distributions as an
exception under clause (b) of section 6A;";
(ii) after clause (f), the following clauses shall be inserted, namely:—
"(fa) other details to be indicated in the show-cause notice under
sub-section (9) of section 26;
(fb) the manner of determining turnover or income under the Explanation
to clause (b) of section 27;
(fc) the manner in which modification may be proposed by parties to the
combination to the Commission under sub-section (2) of section 29A;";
(iii) after clause (g), the following clauses shall be inserted, namely:—
"(ga) the lesser penalty to be imposed on producer, seller, distributor,
trader or service provider under sub-section (1) of section 46;
 20 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—

(gb) the manner and time for withdrawal of application for lesser penalty
under sub-section (2) of section 46;
(gc) the lesser penalty to be imposed on producer, seller, distributor, trader
or service provider under sub-section (4) of section 46;
(gd) the manner of determining income under clause (c) of Explanation to
section 48;
(ge) the form of application and fee under sub-section (1), the time under
sub-section (2), the terms and manner of implementations and monitoring under
sub-section (3) and the procedure for conducting settlement proceedings under
sub-section (6) of section 48A;
(gf) the form of application and fee under sub-section (1), the time under
sub-section (2), the terms and manner of implementations and monitoring under
sub-section (3) and the procedure for commitments offered under sub-section (6)
of section 48B;
(gg) the other details to be published along with draft regulations and the
period for inviting public comments under clause (a) of section 64A;".

Insertion of 45. After section 64 of the principal Act, the following sections shall be inserted,
new sections namely:—
64A and 64B.

Process of "64A. The Commission shall ensure transparency while making regulations
issuing under section 64, by—
regulations.
(a) publishing draft regulations along with such other details as may be
specified on its website and inviting public comments for a specified period prior
to issuing regulations;
(b) publishing a general statement of its response to the public comments,
not later than the date of notification of the regulations;
(c) periodically reviewing such regulations:
Provided that if the Commission is of the opinion that certain regulations are
required to be made or existing regulations are required to be amended urgently in
public interest or the subject matter of the regulation relates solely to the internal
functioning of the Commission, it may make regulations or amend the existing
regulations, as the case may be, without following the provisions stated in this section
recording the reason, for doing so.
Commission 64B. (1) The Commission may publish guidelines on the provisions of this Act or
to issue the rules and regulations made thereunder either on a request made by a person or on
guidelines.
its own motion.
(2) Guidelines issued under sub-section (1) shall not be construed as
determination of any question of fact or law by the Commission, its Members or
officers and shall not be binding on the Commission, its Members or officers.
(3) Without prejudice to anything contained in sub-section (1), the Commission
shall publish guidelines as to the appropriate amount of any penalty for any
contravention of provision of this Act.
(4) While imposing penalty under clause (b) of section 27 or under section 43A
or section 48 for any contravention of provision of this Act, the Commission shall
consider the guidelines under sub-section (3) and provide reasons in case of any
divergence from such guidelines.
 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21

(5) The guidelines under sub-sections (1) and (3) shall be published in such
form as may be prescribed.".

————

DR. REETA VASISHTA,

Secretary to the Govt. of India.

UPLOADED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002
AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054.
Kshitiz Digitally signed by
Kshitiz Mohan

Mohan Date: 2023.04.11

21:55:29 +05'30'

MGIPMRND—13GI(S3)—11-04-2023.