The competition act of india act o was enacted in r r as a result of indias pursuit of globalization and liberalization of the economy. Competition act 2002 part1 legal aspects of business. This act was amended by the competition amendment act, 2007. The draft competition law was drafted and presented to the government in november 2000. National green tribunal history, features and challenges. The competition act of india act was enacted in 2002 as a result of indias pursuit of. For an overview of the law, read its salient features here. The foreign exchange management act fema was an act passed in the winter session of parliament in 1999, which replaced foreign exchange regulation act. Establishment of fast track dispute resolution mechanism for settlement of real estate. The ngt is not bound by the procedure laid down under the code of civil procedure, 1908, but shall be guided by principles of natural justice. This act applies to the whole of republic of india except for jammu and kashmir.
Curtail abuse of dominance, iii promote and sustain competition in market, iii. Salient features the act extends to the whole of india and came into force from 2106 2002. It replaces monopolies and restrictive trade practices act 1969. Competition act, 2002 main features anticompetitive practices, section 3. Anticompetitive agreements 5 prohibition of abuse of dominant.
Narayana rao rampilla, developing judicial perspective to indias monopolies and restrictive trade practices act of 1969, a, 34 antitrust bull. The act clearly envisages that an agreement which is contravention of section 31 shall be void. 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. Ishita aditya ray, emergence and applicability of competition act, 2002 in indias new competitive regime. 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. Establishment and incorporation of real estate regulatory authority rera at every state in india for monitoring and adjudicating disputes relating to real estate projects section 20.
The us act, the sherman act, 1890 which prescribes agreements in restraint of trade, appears to be the earliest antitrust statute in the world. Sep 02, 2015 the competition act, 2002 was enacted to repeal the mrtp act. Monopolies and restrictive trade practices mrtp act, 1969 was revoked and replaced by competition act, 2002. The focus of the new law is towards the following areas affecting competition namely. Explain the salient features of competition act, 2002 bms.
The competition act, 2002 was enacted by the parliament of india and governs indian competition law. Competition advocacy section 49 6 6 7 7 notes on competition act, 2012 v. Under this legislation, the competition commission of india has been established to prevent activities that have an adverse effect on competition in india. Salient features of competition act q2 competition law. Definitions 1 chapter ii prohibition of certain agreements, abuse of dominant position and regulation of combinations prohibition of agreements 3.
Conceptual relationship between the fundamental rights of. The competition act, 2002 which passed on th january, 2003 is a laudable step towards harmonizing international trade policy. Comparative features of mrtp act 1969 and competition act 2002. In 2002, the parliament of india enacted the competition act, replacing the archaic monopoly. Apr 25, 2019 competition act 2002 part1 legal aspects of business paper code08 commerce. The competition act, 2002 12 of 2003 contents sections page chapter i preliminary 1. The us act, the sherman act, 1890 which prescribes agreements in restraint of trade, appears to be. Main features of the foreign exchange management act fema. Download as docx, pdf, txt or read online from scribd. This act seeks to make offences related to foreign exchange civil offences. The competition act 2002 was provisioned to provide a healthy economic development environment in the indian market. Explain the salient features of competition act, 2002. Competition act 2002 part1 legal aspects of business paper code08 commerce.
Competition act, 2002 replacing the previous 1969 monopolies and restrictive trade practices act. The term information includes any mode of information in any form of record, document, email, circular, press release, contract sample or electronic data etc. The competition act, 2002 a new law called competition act 2002 has been enacted to replace the extant law, mrtp act 1969 the new law has been amended on 10th september 2007 by the parliament 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. Evolution and development of competition law in india ipleaders. Monopolies and restrictive trade practices act, 1970. Objectives of competition act 2002 competition act 2002 notified in jan 2003 for establishment of a commission.
The competition act, 2002 a new law called competition act 2002 has been enacted to replace the extant law, mrtp act 1969 the new law has been amended on 10th september 2007 by the parliament 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. The act under section 31 prevents any enterprise or association from entering into any agreement which causes or is likely to cause an appreciable adverse effect on competition aaec within india. As discussed in the first chapter, the government of india enacted the information technology i. Act with some major objectives to deliver and facilitate lawful electronic, digital, and online transactions, and mitigate cybercrimes. Following are some salient features of mrtp act, 1969. It is a statutory body in charge of enforcing the competition act, 2002 which received the presidents assent in 2003. The competition act, 2002 competition commission of india. In this article, you can read the salient features of the companies act 20 and its comparison with the older companies act 1956, for the ias exam. The framework of competition act 2002 has essentially four compartments. On the place of mrtp act 1969 after this mrtp act 1969 was fully repealed. Aspirants can also download the companies act 20 notes pdf from the link provided in the end of the article. Competition law in india jurisprudential trends and the way forward.
Mrtp act, was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, competition act. Essay on the competition act, 2002 economics discussion. B r ambedkar, the constitution of india has been framed after ransacking all the known constitutions of the world. Business law pdf book free download mba books askvenkat books. Dmpq what are the sailent features of the competition act. Biodiversity act 2002 and convention on bd authorstream. When firms compete with each other, consumers get the best possible.
The broad objectives of the competition act, as laid down in its preamble, are. The competition act, 2002 was enacted to repeal the mrtp act. The competition act, 2002 wikimili, the best wikipedia reader. Competition commission of indiacci is advocacy for competition act 2002. Government of india passed the competition act in the year 2002. It extends to set up of a commission to prevent any adverse effects or ill practices on the competition and hence intends to promote and sustain competition in the market to protect the interests of consumers and ensure freedom.
Competition commission of india cci is indias competition regulator. Salient features of competition act q2 free download as word doc. Prevent practices having adverse effects on competition, advertisements. Comparison of some of the salient provisions of the. It was subsequently amended by the competition amendment act, 2007. Competition from many different companies and individuals through free enterprise and open markets is the basis of the u. The securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 also known as the sarfaesi act is an indian law. This report discusses the legislative history of the competition act and analyzes salient jurispruden. Under this legislation, the competition commission of india was established to prevent the activities that have an adverse effect on competition in india. The diffence between the mrtp act 1969 and the competition act 2002 is as follows the mrtp act was enacted in the pre liberalisation era whereas the competition act is enacted in the post liberalisation era. Explanation of competition act 2002 competition act 2002 states that indian traders must not do any activity for promoting monopoly. The act is not intended to prohibit competition in the market. Nov 19, 2016 the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 also known as the sarfaesi act is an indian law.
An act providing for a national competition policy prohibiting anticompetitive agreements, abuse of understand how the competition act 1998 and the enterprise act 2002 affect your business competition law. The ministry of corporate affairs, government of india has issued a notification dated 28 th august 2009, whereby the most controversial the monopolies and restrictive trade practices act, 1969 the mrtp act stands repealed and is replaced by the competition act, 2002, with effect from. Main provisions of competition act 2002 business education. Competition act, 2002 1 competitio n act 2002 wednesday. It allows banks and other financial institution to auction residential or commercial properties to recover loans. Competition commission of india mppcs exam preparation. Main features of competition act 2002 prohibits anti competitive arguments. Overview of competition law provisions of competition.
Competition act 2002 introduction of the competition act, 2002. Drawn from various sources from various other countries as well as from the government of india act of 1935. Mrtp act repealed and is replaced by the competition act, 2002, with effect from september 1, 2009. Companies act 20 salient features of the indian companies. The pattern of the law in line with prevailing pattern of modern competition laws, the act seeks to 1. The salient features of national green tribunal are as follows. Ngt is also not bound by the rules of evidence as enshrined in the indian evidence act, 1872.
How competition works c ompetition in the marketplace is good for consumers and good for business. The salient features of competition act 2002 answers. The competition act, 2003 provides for the setting up of a competition commission of india cci with a view to. Salient features covering essentials of competition components of competition act competition commission of india offences and penalties direct tax and indirect tax. 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 objective of the competition act. On jan 2003 the president of india gave his assent. Features of competition act, 2002 the focus of the new law is towards the following areas affecting competition namely. 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. Mrtp act repealed and is replaced by the competition act, 2002. The competition act, 2002 was enacted by the parliament of india and governs indian.
Dmpq what are the sailent features of the competition act, 2002. Action under sarfaesi act and drt act,1993 the recovery of debts due to banks and financial institutions act, 1993 can move concurrently. This act restricts agreements having adverse effect on competition in india. Salient features of competition act, 2002 the competition act provides for establishment of a competition commission of india which will be a quasi judicial body bound by principles of rule of law i. Pdf notes on competition act ajay r kamath academia.
It replaced the archaic the monopolies and restrictive trade practices act, 1969. View competition act, 2002 from mba 101 at sophia girls college. Knowing the difference between mrtp act and competition act, will help you understand the provisions relating to trade practices in a better way. Two of the main features of the competition act, 2002 is the framework it provides for the establishment of the competition commission, and. Emergence and applicability of competition act, 2002 in. This led to the establishment of the cci and the competition appellate tribunal. Features of competition act, 2002 the focus of the new law is towards the following areas affecting competition. 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. 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. Legal aspects of business paper code08 commerce duration.
Salient features anti agreements 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. Satish introduction 2 the competition act, 2002 is. 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, and for matters. This act has many provisions to control the monopoly and to promote the competition. Competition commission of india cci is constituted under the act. Fundamentally the competition act, 2002 is a law that addresses antitrust issues. The object of the old act was to prevent the economic concentration in one common detriment, curbing unfair trade practices, ane to check. Digital signature has been replaced with electronic. The competition act, 2002 wikipedia republished wiki 2. It replaced the archaic the monopoly and restrictive trade practices act, 1969. Anticompetitive agreements under the competition act. The article is a discussion on the monopolies and restrictive trade practices act, 1970 mrtp act.
Competition act is a very compact and smaller legislation which includes only 66 sections. Following are some important features of the competition act. Competition act, 2002 competition commission of india. Difference between mrtp act and competition act with.
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