What is the scope of competition law in India?

What is the scope of competition law in India?

Competition Commission of India has empowered to penalize any person or enterprise indulges in anti-competition practices or abusing its dominant position, or any merger, acquisition, the combination having an appreciable adverse effect on competition in the Indian market.

What is the scope of competition law?

The main objectives of the Competition Act, 2002 are: to provide the framework for the establishment of the Competition Commission. to prevent monopolies and to promote competition in the market. to protect the freedom of trade for the participating individuals and entities in the market.

What are the major issues in competition law in India?

The Act focuses on the following four areas, prohibiting anti-competitive agreements; prohibiting abuse of dominance by a firm; regulating certain combinations; and competition advocacy and reference.

Is there a competition law in India?

The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Competition laws is equally applicable on written as well as oral agreement, arrangements between the enterprises or persons.

How do I get a job in competition law?

Which are the cities you can work in for Competition law?

1. Diploma in Business Laws for In House Counsels.
2. Diploma in Companies Act, Corporate Governance and SEBI Regulations.
3. Certificate Course in Advanced Corporate Taxation.
4. Certificate Course in Advanced Civil Litigation: Practice, Procedure and Drafting.

What is competition advocacy in competition law?

A commonly accepted definition of competition advocacy is that it includes all activities of a competition agency that are intended to promote competition apart from those that involve enforcement of the competition law.

What are the three main prohibitions under the Competition Act?

The three prohibitions are:

• anti-competitive agreements, decisions and practices (“the section 34 prohibition”);
• abuse of a dominant position (“the section 47 prohibition”); and.
• mergers and acquisitions that substantially lessen competition (“the section 54 prohibition”).

What is the objective of competition law?

Objectives of the Competition Act The objective of the Act is • 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 …

What is the main purpose of competition law?

A core objective of competition law is to prohibit firms for engaging in conduct which will distort the competitive process and harm competition by, for example, preventing firms from indulging in anti-competitive agreements, preventing firms with a powerful position on a market from abusing their market power, or …

What do competition lawyers do?

A competition lawyer usually does antitrust and merger control, and advising clients on day-to-day compliance – often at the same time. Matters tend to involve large, well-known companies that are more likely to influence competition on markets and include large M&A transactions and global cartel investigations.

What type of law is competition law?

Competition Law is known as antitrust law in the US. In the US, antitrust law is a collection of federal and state government laws that regulate the conduct to promote competition for the benefit of consumers.

What are the benefits of competition advocacy?

Advocacy allows competition agencies to expand its reach and play an important role in areas where its role is usually ignored[7]. It is imperative to CCI to formulate, publish and post in the public domain guidelines covering various dimensions related to competition law for enhancing public awareness.

What is the history of competition law in India?

2. 1 History of Competition Law in India In India, the first legislation to restrain abuse of market power was enacted in 1969, i.e., Monopolies and Restrictive Trade Practices Act (MRTP Act).

Is the Indian competition law regime a nascent regime?

The Indian competition law regime is a nascent regime. It is barely four years since our new competition law- the Competition Act has become operational. Prior to the operationalization of the Competition Act in May 2009, MRTP Act was the operational law that regulated certain aspects of competition.

What is the purpose of Competition Act 2002?

The Competition Act, 2002 (“Competition Act”), as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws. Objectives of the Competition Act The objective of the Act is to prevent practices having adverse effect on competition,

How many countries have competition law regimes?

Today, over 100 countries have competition law regimes and competition law enforcement agencies. Though the practice of competition law varies from jurisdiction to jurisdiction, the substance of these laws is primarily the same.