new delhi the lok sabha on wednesday passed the competition amendment bill 2022 more than seven months after it was introduced in the lower house in august last year the bill provides for the competition commission of india cci to impose penalties on entities based on their global turnover instead of the current practice of considering only relevant market turnover amid din in the lower house corporate affairs and finance minister nirmala sitharaman moved the bill for consideration and passage the bill was passed without a debate the corporate affairs ministry has made certain amendments to the original bill one of the changes is with respect to the turnover that will be considered for the imposition of penalty in case of competition law violations turnover means global turnover derived from all products and services by a person or an enterprise as per the amendments that were approved by the lok sabha on wednesday another amendment is that the cci has to form a primafacie opinion about a filing related to a combination within 30 days of receiving the filing currently the regulator can form a primafacie opinion within 30 days working days of receiving a combination filing in competition law parlance combinations refer to mergers and acquisitions and deals beyond a certain threshold require the approval of cci the competition amendment bill 2022 was introduced in parliament on august 5 last year then it was referred to the parliamentary standing committee on finance chaired by bjp member jayant sinha the panel tabled its report in parliament on december 13 it will be the first time since the enforcement of the competition act in 2009 that amendments will be made to the act the act was brought in 2002 and subsequently it underwent amendments in 2007 and 2009 in may 2009 the antitrust provisions of the law came into force and two years later in may 2011 cci started screening mergers and acquisitions