Competition Act 2002: Objective, Features

Objectives

  1. To promote healthy competition in the market.
  2. To prevent those practices which are having adverse effect on competition.
  3. To protect the interests of concerns in a suitable manner.
  4. To ensure freedom of trade in Indian markets.
  5. To prevent abuses of dominant position in the market actively.
  6. Regulating the operation and activities of combinations (acquisitions, mergers and amalgamation).
  7. Creating awareness and imparting training about the competition Act.

Important features of the competition Act:

  1. Competition Act is a very compact and smaller legislation which includes only 66 sections.
  2. Competition commission of India (CCI) is constituted under the Act.
  3. This Act restricts agreements having adverse effect on competition in India.
  4. This Act suitably regulates acquisitions, mergers and amalgamation of enterprises.
  5. Under the purview of this Act, the central Government appointed director General for conducting detail investigation of anti-competition agreements for arresting CCI.
  6. This Act is flexible enough to change its provisions as per needs.
  7. Civil courts do not have any jurisdiction to entertain any suit which is within the purview of this Act.
  8. This Act possesses penalty provision.
  9. Competition Act has replaced MRTP Act.
  10. Under this Act, “Competition Fund” has been created.

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