COMPETITION ACT AND ITS SALIENT FEATURES

Competition is the demonstration of the vendors separately trying to gain the support of purchasers to accomplish benefits or a portion of the overall industry. The Competition Act, 2002 was established by the Parliament of India and supplanted The Monopolies and Restrictive Trade Practices Act, 1969. It is basically to administer Indian rivalry law.

After the establishment of the Competition Act, 2002, (“Act”) it has been changed twice, the Competition (Amendment) Act, 2007, and the Competition (Amendment) Act, 2009. Two of the fundamental highlights of the Competition Act, 2002 is the structure it accommodates the foundation of the Competition Commission, and the instruments it gives to forestall against serious practices and to advance positive contest in the Indian market.

The Act looks to give the legitimate structure and devices to guarantee rivalry strategies are met, to forestall hostile to contest rehearses, and accommodate the punishment of such demonstrations. The Act secures free and reasonable rivalry which ensures the opportunity for exchange. [1]The Act looks to forestall imposing business models and furthermore to forestall superfluous intercession by the public authority. The primary targets of the Competition Act, 2002 are:

 to give the structure to the foundation of the Competition Commission. to forestall syndications and to advance contests on the lookout. to secure the opportunity of exchange for the partaking people and elements the market. to secure the interest of the shopper.

Now there was a concept of anti-competitive agreements. In basic words, Anti-Competitive arrangements are arrangements that are made by at least two organizations contending in similar markets to fix costs or lessen stocks, and so forth, in order to control the market well for them. This has the impact of the organizations decreasing the opposition in the market which unfavorably influences the end shopper. The Competition Act, 2002 characterizes against cutthroat arrangements as such in area 3 where it expresses, “No undertaking or relationship of ventures or people or relationship of people might go into an understanding with respect to creation, supply, circulation, stockpiling, securing or control of products or arrangement of administrations which may unfavorably influence the opposition in the Indian market”.

Now the administrative body which looks after all issues related to the act is the Competition Commission of India. t is a legal body that has the ability to oversee and uphold the Competition Act including punishments. It was set up when the requirement for a sound cutthroat climate became essential after advancement under the Vajpayee government.

The Commission is made out of an executive and at least 2 board individuals and a limit of 6 board individuals. These individuals are needed to have at least 15 years of involvement with their particular fields.

Its targets, obligations, and powers are identified in the Competition Act, 2002. Its fundamental obligation and item are to guarantee that the Indian business sectors keep a sound and reasonable cutthroat climate and is conceded the ability to guarantee such a climate and punish any demonstrations antagonistically influencing its obligations.

Here we can conclude that The Competition Act, 2002 is a far-reaching law and the expectation of the enactment is to advance reasonable rivalry, find the worldwide economy, shield the premium of the buyers and guarantee a steady market for India. It can be said that the opposition act is an instrument for upholding and carrying out contest strategy, just as forestalling and rebuffing hostile to serious business conduct and unnecessary government intercession on the lookout.


[1] https://cleartax.in/s/competition-act-2002

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

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The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.

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We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.

We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge

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