Objective of competition Act 2002 are as follows
- To provide for the establishment of the commission to prevent practices having adverse effect on competition
- to promote and sustain competition in the market
- to protect the interest of the consumers
- to ensure freedom of trade carried on by other participants in the market
- A new law, the competition act has been enacted and published in the gazette of India on 14th January 2003 for bringing competition in the market
- The act covers the following aspects according to the schedule
- schedule (3) deal with anti competitive agreement
- schedule (4) deal with the abuse of the dominance
- schedule (5 and 6) deal with the merger and acquisition
- This act is expected to curb those practices which would have an appreciable adverse effect on the competition
- Parliament on September 2007 passed the long pending competition (Amendment) Bill
- 2007 that empower the competition Commission of India to act as the connection regulator
- the competition Commission of India has finally become operational on 20th may 2009
- So MRTP will not handle any case after the 20th may 2009
- the government has introduced the bill for the competition Amendment Act 2012 in the Parliament to give competition a watch dog of teeth
