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Mayank

The document discusses the Competition Act of 2002 which replaced the Monopolies and Restrictive Trade Practices Act of 1969. The new act established the Competition Commission of India to prevent anti-competitive practices and protect consumer interests. It also compares key aspects of the two acts like their objectives, treatment of dominance, and appointment of chairpersons.

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Mayank Varshney
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36 views10 pages

Mayank

The document discusses the Competition Act of 2002 which replaced the Monopolies and Restrictive Trade Practices Act of 1969. The new act established the Competition Commission of India to prevent anti-competitive practices and protect consumer interests. It also compares key aspects of the two acts like their objectives, treatment of dominance, and appointment of chairpersons.

Uploaded by

Mayank Varshney
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

The Competition Act, 2002 has replaced the Monopolies and

Restrictive Trade Practice (MRTP) Act, 1969 which had been enacted to
prevent concentration of economic power to the common detriment. In
place of this Commission now another Commission, called the
Competition Commission of India has been established to prevent
practices having adverse effect on competition and to protect the
interest of consumers.
COMPETITION ACT,
2002 was enacted
and notified in
JANUARY, 2003
MRTP ACT, 1969 was replaced by COMPETITION ACT, 2002.
MRTP ACT was enacted to deal with Monopolistic, Unfair trade
practices, but due to certain limitations, COMPETITION ACT was
introduced, which changed the focus from curbing monopolies to
promoting competition.
Enacted by Parliament of India
Date assented to 13 January 2003
Date commenced 31 March 2003
Introduced by Arun Jaitley
Basis of Comparison MRTP Act Competition Act
MRTP Act, is the first competition Competition Act, is implemented to
Meaning law made in India, which covers promote and keep up competition in
rules and regulations relating to the economy and ensure freedom of
unfair trade practices. business.
ACT OF YEAR 1969 2002
Dominance Determined by firm's size. Determined by firm's structure.
Focuses on Consumer interest at large Public at large
Penalty No penalty for offense Offenses are penalized
Objective To control monopolies To promote competition
Agreement Required to be registered. It does not specify any provision
relating to registration of agreement.
Appointment of Chairman By the Central Government By the Committee consisting of
retired
FEATURE :-
• It is a very compact and small legislation
which includes only 66 sections.
• Competition Commission of India (CCI) is
constituted under the act.
• Under this Act, possesses penalty provisions.
• We teach & preach competition but invariably
do not practice.
• Competition kills competition.
• Competition is unstable.

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