Nsalient features of competition act 2002 pdf files

The competition law, 2002 and its development factors. The competition act, 2002 12 of 2003 contents sections page chapter i preliminary 1. No one likes competition markets are infected with anti competitive practices and abusive conducts. Any person aggrieved by any decision or order of the commission may file an appeal to the supreme. Introduction of ca final corporate allied laws chart competition act 2002. The university of oxford centre for competition law and policy. The salient features of competition act 2002 answers. The act is not intended to prohibit competition in the market.

The act has fundamentally reformed south africas competition regulation regime and has created new competition authorities with significant powers. Salient features of competition act q2 free download as word doc. The competition act, 2002 was enacted to repeal the mrtp act. Main provisions of competition act 2002 business education. Fundamentally the competition act, 2002 is a law that addresses antitrust issues. The competition act, 2003 provides for the setting up of a competition commission of india cci with a view to. Procedure for deciding a case where members of a bench differ in opinion.

Difference between mrtp act and competition act with. Provided that different dates may be appointed for different provisions of this act. This act applies to the whole of republic of india except for jammu and kashmir. Indias competition law 3 competition act, 2002 competition act, 2002 indias antitrust law is embodied in the competition act, 2002 amended by the competition amendment act, 2007 and became fully operational from 1 june 2011 when the provisions regulating mergers and acquisitions were notified. Relevance and applicability of competition act 2002 for indian railways notes taken from talk delivered by sh g. Why you should be concerned about the competition act. In 2002, the parliament of india enacted the competition act, replacing the. Overview of competition law provisions of competition. The competition act the competition act, number 89 of 1998, as amended the. Ofcoms powers under part 4 of the enterprise act 2002.

Enterprises, persons or associations of enterprises or persons, including cartels, shall not enter into agreements in respect of production, supply, distribution, storage, acquisition or control of goods or provision of services, which cause or are likely to cause an appreciable adverse impact on competition in india. The draft competition law was drafted and presented to the government in november 2000. Abridged prospectus is a shorter version of the prospectus and contains all the salient features of a prospectus. The competition act, 2002 was enacted by the parliament of india and governs indian competition law. On december 16, 2002, the lok sabha passed a bill to replace the mrtp monopolies and restrictive trade practices act, 1969 which was enacted to curb the tendency to create monopoly in commerce, trade and industry. Comparative features of mrtp act 1969 and competition act 2002. Dmpq what are the sailent features of the competition act. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Stringent action is inevitable need to infuse competition in markets is imperative. An act to provide, keeping in view of the economic development of the country, for the establishment of a commission 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. Under this legislation, the competition commission of india was established to prevent the activities that have an adverse effect on competition in india.

Salient features of competition act q2 competition law. Government of india passed the competition act in the year 2002. Features of competition act, 2002 the focus of the new. R bhatia, former additional director general of competition commission of india it is inherent in the nature of the human being to compete for betterment and improvement. Repealed by the competition amendment act, 2007, sec. Various dimensions of the indian competition act, 2002. The commission shall, within 60 days of making such reference, give its opinion to the cgsg. After some refinements, following extensive consultations and discussions with all interested parties, the parliament passed in december 2002 the new law, namely, the competition act, 2002. Explanation of competition act 2002 competition act 2002 states that indian traders must not do any activity for promoting monopoly. An act to provide for free competition in all spheres. Competition commission of india cci has on 11 may 2011 issued the. The broad objectives of the competition act, as laid down in its preamble, are.

Act anay be called the competition act, 2010 2 it extends to the whole of pakistan 3 it shall apply to all undertakings and all actions or matters that take place in pakistan and distort compel iaon. Monopolies and restrictive trade practices mrtp act, 1969 was revoked and replaced by competition act, 2002. Appointment of secretary, experts, professionals and officers and other employees of. Under the competition act, the whole agreement is void in case it is found to have anticompetitive covenant having appreciable adverse effect on competition in the market. The competition amendment bill, 2006 a bill to amend the competition act, 2002. Ca final corporate allied laws chart competition act 2002 is available for download at the excellent download file is in the format of pdf. Students taking ca final exams or students preparing for corporate and allied laws will find the file very useful. Essay on the competition act, 2002 economics discussion. The concept prejudicial to public interest is unclear, bald, vague and ambiguous. India has chosen to enact a new competition law called the competition act, 2002.

Curtail abuse of dominance, iii promote and sustain competition in market, iii. Competition act, 2002 competition commission of india. Be it enacted by parliament in the fiftyeighth year of the republic of india as follows. Emergence and applicability of competition act, 2002 in. Knowing the difference between mrtp act and competition act, will help you understand the provisions relating to trade practices in a better way. The main legislation governing competition in india is the competition act,2002 which repealed the monopolies and restrictive trade practices mrtp act, 1969. If the members of a bench differ in opinion on any point, they shall state the point or points on which they differ, and make a. The competition act provides for the prevention of anti competitive agreements, abuse of dominant position and combinations. Overview of competition law provisions of competition act, 2002 a presentation.

Article 811 prohibits agreements affecting trade between member states. It was subsequently amended by the competition amendment act, 2007. Act to provide for the establishment of a competition commission responsible for the investigation, control and evaluation of restrictive practices, abuse of dominant position, and mergers. The competition act, 2002 was enacted by the parliament of india and governs indian. The competition act, 2002 came into existence in january, 2003 and the competition commission of india cci was established on 14 october, 2003. South africas competition regulators have been rigorously enforcing the competition act which came into force in 1999.

The competition act, 2002 which passed on th january, 2003 is a laudable step towards harmonizing international trade policy. The object of the competition act, 2002 act for short is to preserve and promote competition and to prevent anti competitive business practices with minimal government intervention. The competition amendment bill, 2007 a bill to amend the competition act, 2002. Relevance and applicability of competition act 2002 for. On the place of mrtp act 1969 after this mrtp act 1969 was fully repealed. The competition act, 2002 received assent of the president of india on january, 2003 and was published in the gazette of india dated january 14, 2003. Explain the salient features of competition act, 2002.

Introduction of the act was a key step in indias march towards facing competition both from within the country and from international players. The competition act 2002 prohibits vertical and horizontal agreements that have an appreciable adverse effect on the competition. The competition act of 2002 was passed by the parliament of india so as to form a commission to oversee the business operations of companies and individuals in the country following fair practices of competition and economic growth of the country. Competition advocacy section 49 the central government or state government may in formulating a policy on competition or in any other matter, make a reference to the commission for its opinion on the possible effect of such policy on competition. The pattern of the law in line with prevailing pattern of modern competition laws, the act seeks to 1. Ca final corporate allied laws chart competition act 2002. Prevent practices having adverse effects on competition, advertisements. Section 42 in the competition act, 2002 2 there shall be an abuse of dominant position under subsection 1, if an enterprise, a directly or indirectly, imposes unfair or discriminatory. Pdf notes on competition act ajay r kamath academia. The us act, the sherman act, 1890 which prescribes agreements in restraint of trade, appears to be the earliest antitrust statute in the world. Notice under section 1551 of the enterprise act 2002. Issue commission for examination of witness or documents e. Be it enacted by parliament in the fiftyseventh year of the republic of india as follows. Section 3 of competition act deals with anticompetitive agreements both horizontal and vertical.