![]() To ensure freedom of trade to all the participants in the market.To promote and sustain competition in the Indian market.To protect the interest of the consumer.The Act prevents activities that have an adverse effect on competition.The main objectives of the Competition Act are herein laid down below: After approaching the CCI, if the parties feel the right sentence has not been pronounced, the appellate body is the Competition Appellate Tribunal (COMPAT). The goal for the formation of the commission was to accomplish the objectives of the Act, moreover, imposing fines and granting relief in certain cases. There cannot be less than 2 and more than 6 members and all of them are appointed by a selection committee by the Centre. This commission comprises members and a chairperson. Competition Commission of India (CCI)Ĭompetition Commission of India is the regulator of competition under the Competition Act, 2002 in the Indian market. Once the Competition Act was amended in 2007 the government was confident to repeal the old Act and bring in the new one. Therefore, even though the Competition Act had been passed, all the proceedings for seven years were still functioning under the old MRTP Act. This was because the government wanted this Act to not have any major deficiencies like the earlier one. Interestingly, the Act was passed in 2002 and was assented by the President in 2003, however, the Act did not come into force until 2009. Therefore the government set up the Raghavan Committee to suggest a suitable legislative framework and that is how the Competition Act, 2002 was formulated. However, the Act in place just lost its essence and made it more difficult for industrialists rather than making it easier for the customers. ![]() Importantly, the Act aimed to protect the consumer from exploitation. The MRTP Act, 1969 was outdated because the main focus of the Act was to curb monopolies and not promote competition in India. Anti-monopoly laws : a lookout in the existing structure As a result, the government had to formulate the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) for the regulation of such activities, however, it was later repealed, and the Competition Act, 2002 came into force in 2009 for regulating restrictive and monopolistic trade practices. However, this approach from the government served them no good as the industrialists were quick to spot the loophole and exploit it, by indulging in unfair, restrictive, and monopolistic trade practices. Therefore, the government felt the need to be liberal in its approach towards the service and the industrial sector for them to grow exponentially. India got its independence in 1947, however, the Indian economic system was suffering at the time, most importantly the two major contributors to the revenue of the country were, agriculture and industrial sector, service sectors were nowhere to be seen. The achievements associated with the anti-monopoly laws.Prohibition of Anticompetitive agreement (Section 3).Anti-monopoly laws : a lookout in the existing structure.
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