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of <h1>Competition (Amendment) Act 2023 Updates Key Definitions, Introduces 'Commitment' and 'Settlement' in Sections 48B and 48A.</h1> The Competition (Amendment) Act, 2023 modifies section 2 of the principal Act by introducing and redefining several terms. A new clause defines 'commitment' as referenced in section 48B, while the definition of a 'person or a department of the Government' now includes economic activities but excludes sovereign functions. The term 'party' is expanded to include various entities involved in proceedings. References to the Companies Act are updated, and the definition of 'public financial institution' now aligns with the Companies Act, 2013. The 'relevant product market' is defined by interchangeability and substitutability criteria, and 'settlement' is introduced as per section 48A.
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