Digital Competition Bill: High level panel may submit its report in the New Year
Sources indicate that the legislation may be taken up only after the general elections
- Nov 28, 2023,
- Updated Nov 28, 2023 5:14 PM IST
A high level committee is expected to submit its recommendations on the proposed Digital Competition Bill early in 2024. According to sources, the Ministry of Corporate Affairs has given another extension to the committee until December 31 and it is likely that it will finalise its recommendations in this time.
“There will be some movement on the proposed Digital Competition Bill in the coming weeks. The committee’s tenure has been extended and it will submit its recommendations soon,” said a person familiar with the development.
However, with the General Elections scheduled in May 2024, it is likely that the recommendations may be put in cold storage until after the elections. “While it is strongly felt that there is need for regulation of the digital economy and markets, at present, it may not be possible to take forward such legislation given that the Model Code of Conduct for elections will start soon,” said a second source.
Following a report of the Parliamentary Standing Committee on Finance that had recommended a Digital Competition Act, the ministry of corporate affairs had set up a 16-member Committee on Digital Competition Law (CDCL) in February this year to prepare a draft Bill of the proposed digital competition law.
However, the committee, which has had several meetings with stakeholders has been unable to finalise its views till now and has been given several extensions. The panel had been asked to look into the need for ex-ante regulations for digital firms.
The Parliamentary Standing Committee on Finance, chaired by BJP MP Jayant Sinha, in its report in December last year, had called for ex ante regulation of Big Tech firms as well as a separate digital competition law to check anti competitive practices by these firms. The Competition Commission of India has also set up a Digital Markets Unit to look into anti trust practices by tech firms.
Also Read: TCS' Rs 17,000-cr share buyback to start on Dec 1, close on Dec 7; retail entitlement fixed at 17%
A high level committee is expected to submit its recommendations on the proposed Digital Competition Bill early in 2024. According to sources, the Ministry of Corporate Affairs has given another extension to the committee until December 31 and it is likely that it will finalise its recommendations in this time.
“There will be some movement on the proposed Digital Competition Bill in the coming weeks. The committee’s tenure has been extended and it will submit its recommendations soon,” said a person familiar with the development.
However, with the General Elections scheduled in May 2024, it is likely that the recommendations may be put in cold storage until after the elections. “While it is strongly felt that there is need for regulation of the digital economy and markets, at present, it may not be possible to take forward such legislation given that the Model Code of Conduct for elections will start soon,” said a second source.
Following a report of the Parliamentary Standing Committee on Finance that had recommended a Digital Competition Act, the ministry of corporate affairs had set up a 16-member Committee on Digital Competition Law (CDCL) in February this year to prepare a draft Bill of the proposed digital competition law.
However, the committee, which has had several meetings with stakeholders has been unable to finalise its views till now and has been given several extensions. The panel had been asked to look into the need for ex-ante regulations for digital firms.
The Parliamentary Standing Committee on Finance, chaired by BJP MP Jayant Sinha, in its report in December last year, had called for ex ante regulation of Big Tech firms as well as a separate digital competition law to check anti competitive practices by these firms. The Competition Commission of India has also set up a Digital Markets Unit to look into anti trust practices by tech firms.
Also Read: TCS' Rs 17,000-cr share buyback to start on Dec 1, close on Dec 7; retail entitlement fixed at 17%