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of <h1>Competition Act 2023 Update: Changes to Section 64 on Business Operations, Combination Notices, Penalties, and Settlements</h1> The Competition (Amendment) Act, 2023, modifies section 64 of the principal Act by replacing and adding clauses. Key changes include the determination of substantial business operations in India, the form and fee for combination notices, and the filing of acquisition notices. It outlines exceptions for exercising rights in shares and securities, details for show-cause notices, turnover determination, and modification proposals for combinations. It also addresses lesser penalties for various market participants, withdrawal procedures for penalty applications, income determination, and application processes for settlements and commitments. Additionally, it specifies publication details for draft regulations and public comment periods.
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