What are the objectives of the Competition Act?

What are the objectives of the Competition Act?

Objectives of the Competition Act The objective of the Act is • to prevent practices having adverse effect on competition, • to promote and sustain competition in markets, • to protect the interests of consumers and • to ensure freedom of trade carried on by other participants in markets, in India, and for matters …

What is Competition Act 2002 give the importance of Competition Act 2002?

Providing a framework so that the Competition Commission can be established. Preventing monopolies and promoting competition in the market. Protecting freedom of trade for all the entities and individuals that participate in the market. Protecting the interests of the consumer.

Which is not the objective of Competition Act 2002?

Which of the following is not the objective of the Competition Act, 2002 ? Choose Your Answer: AProhibition of Restrictive Trade Practices.

What is the main purpose of competition law?

A core objective of competition law is to prohibit firms for engaging in conduct which will distort the competitive process and harm competition by, for example, preventing firms from indulging in anti-competitive agreements, preventing firms with a powerful position on a market from abusing their market power, or …

What is the role of competition?

Competition has a positive impact, not only on the well being of consumers, but also on a country’s economy as a whole. Competition bolsters the productivity and international competitiveness of the business sector and promotes dynamic markets and economic growth.

What are the main features of Competition Act 2002?

Salient Features

• Anti-Competitive Agreements.
• Types of agreement.
• Abuse of dominant position.
• Combinations.
• Competition Commission of India.
• Review of orders of Commission.
• Appeal.
• Penalty.

What are the major components of Competition Act 2002?

There are three major elements of a competition law; i) Anti – competitive agreements; ii) Abuse of dominance; and iii) Merger, amalgamations and acquisitions control. Anti-competitive agreements are those agreements that restrict competition.

What do u mean by competition law?

Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. In the European Union, it is referred to as both antitrust and competition law.

What is competition and why is it important?

Better quality: Competition also encourages businesses to improve the quality of goods and services they sell – to attract more customers and expand market share. Quality can mean various things: products that last longer or work better, better after-sales or technical support or friendlier and better service.

Which is a feature of the Competition Act of 2002?

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.

What are the duties of a Competition Commission?

The Act establishes a Commission which is duty bound to protect the interests of free and fair competition (including the process of competition), and as a consequence, protect the interests of consumers. Broadly, the Commission’s duty is:-

Why was Competition Act 1969 made in India?

CCI had replaced the Monopolies and Restrictive Trade Practices Commission, 1969. 1. To protect the interests of the consumers by providing them good products and services at reasonable prices. 2. To promote healthy competition in the Indian market. 3.

Why was the Competition Commission of India established?

It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Under this legislation, the Competition Commission of India was established to prevent the activities that have an adverse effect on competition in India. This act extends to whole of India except the State of Jammu and Kashmir.