What is competition law and meaning?

Competition law is the body of legislation intended to prevent market distortion caused by anti-competitive practices on the part of businesses. In the United States, Canada and the European Union, competition law is also known as Antitrust law.

Is there a competition law in India?

In India, The Competition Act, 2002 has been enacted to ensure the sustainability of competition in the market and also consider the interests of the consumers and also allow the participants of Indian market to trade with freedom.

What is the need of competition law in India?

‡ The need for Competition Law arises because market can suffer from failures and distortions, and various players can resort to antiYcompetitive activities such as cartels, abuse of dominance etc. which adversely impact economic efficiency and consumer welfare.

What is the aim 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 …

Is competition law Public law?

Competition law is implemented through public and private enforcement. Competition law is known as “antitrust law” in the United States.

What is a market competition law?

Overview. The Competition and Consumer Act prohibits certain conduct which has the purpose or effect of substantially lessening competition, including the misuse of market power. This requires an understanding of what constitutes a market.

What do you mean by competition advocacy?

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 is competition advocacy in competition law?

“Competition advocacy” means those activities which are conducted to promote a competitive environment for economic activities. The main beneficiaries of competition policy and law are the consumers, whose welfare is its declared objective of competition Act.

What does competition law prohibit?

Competition law – an introduction The law aims to promote healthy competition. It bans anti- competitive agreements between firms such as agreements to fix prices or to carve up markets, and it makes it illegal for businesses to abuse a dominant market position.

What are the three elements of competition law?

There are three major elements of a competition law; i) Anti – competitive agreements; ii) Abuse of dominance; and iii) Merger, amalgamations and acquisitions control.

What are the three major elements of competition law?

Elements of Competition Law There are three major elements of a competition law; i) Anti – competitive agreements; ii) Abuse of dominance; and iii) Merger, amalgamations and acquisitions control.

What do competition laws prohibit?

It is unlawful for competitors to agree or arrange to: Fix, maintain, increase or control prices (including discounts, rebates, allowances, concessions or other advantages) Allocate sales, territories, customers or markets. Fix or control the production or supply of a product.

What is the Indian competition law regime?

© Nishith Desai Associates 20133 Introduction 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.