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Competition Act 2002: Objective, Features
- To promote healthy competition in the market.
- To prevent those practices which are having adverse effect on competition.
- To protect the interests of concerns in a suitable manner.
- To ensure freedom of trade in Indian markets.
- To prevent abuses of dominant position in the market actively.
- Regulating the operation and activities of combinations (acquisitions, mergers and amalgamation).
- Creating awareness and imparting training about the competition Act.
Important features of the competition Act:
- Competition Act is a very compact and smaller legislation which includes only 66 sections.
- Competition commission of India (CCI) is constituted under the Act.
- This Act restricts agreements having adverse effect on competition in India.
- This Act suitably regulates acquisitions, mergers and amalgamation of enterprises.
- Under the purview of this Act, the central Government appointed director General for conducting detail investigation of anti-competition agreements for arresting CCI.
- This Act is flexible enough to change its provisions as per needs.
- Civil courts do not have any jurisdiction to entertain any suit which is within the purview of this Act.
- This Act possesses penalty provision.
- Competition Act has replaced MRTP Act.
- Under this Act, “Competition Fund” has been created.
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