The Competition Act, 2002 was ordered by the Parliament of India. It administers Indian Competition law. The law supplanted the archaic Monopolies and Restrictive Trade Practices Act, 1969. Under this enactment, the Competition Commission of India was set up to forestall the exercises that adversely affect rivalry in India. This act demonstration reaches out to the entire of India except for Jammu and Kashmir.
It's anything but an instrument to carry out and authorize competition policy and to prevent and rebuff against serious strategic policies by firms and unnecessary Government obstruction in the market. Competition laws are similarly, appropriate on composed just as oral understanding, arrangements between the ventures or people.
The Competition Act, 2002 was amended by the Competition Amendment Act, 2007. And again by the Competition (Amendment) Act, 2009.
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The Act builds up a Commission that is compelled by a sense of honor to secure the interests of free and fair competition. As a result, ensure the interests of purchasers. Comprehensively, the Commission's obligation is:-
- To forbid the arrangements or practices that have or are probably going to have an obvious antagonistic impact on competition in a market in India.
- To disallow the maltreatment of dominance in a market;
- To disallow acquisitions, consolidations, combinations, and so on between undertakings that have or are probably going to have an obvious unfriendly impact on competition in the market in India.
- The Competition Act imagines its requirement with the guide of shared worldwide help and authorization network across the world.
Two of the main features of the Competition Act, 2002 is the framework it provides for the establishment of the Competition Commission, and the tools it provides to prevent anti-competitive practices and to promote positive competition in the Indian market.
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