What means competition law?

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.

What is meant by competition in competition law?

Competition is the act of the sellers individually seeking to acquire the patronage of buyers in order to achieve profits or market share. The Competition Act, 2002 was enacted by the Parliament of India and replaced The Monopolies and Restrictive Trade Practices Act, 1969.

What is competition law and policy?

Competition law is a means to implement competition policy and prevent anti-competitive practices by firms and unnecessary government interventions.

What do you mean by Competition Act 2002?

The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It is a tool to implement and enforce competition policy and to prevent and punish anti-competitive business practices by firms and unnecessary Government interference in the market.

Why do we need competition law?

‡ 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. ‡ Thus there is need for Competition Law, and a Competition Watchdog with the authority for enforcing Competition Law.

What is the concept of competition?

Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth. These P’s stand for product, place, promotion, and price.

What are the main features of Competition Act 2002?

What are the main features of Competition Act 2002?

  • Prohibition of anti competitive agreements.
  • Prohibition of abuse of dominance.
  • Regulation of combination (acquisition, mergers, and amalgamation of certain size)
  • Establishment of the competition commission of India.

What is competition law?

Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. Competition law is known as “antitrust law” in the United States for historical reasons, and as “anti-monopoly law” in China and Russia.

What are some examples of unfair competition?

Examples of unfair competition include such practices as: False, misleading, and deceptive advertising, Fraudulent activities, Artificial lowering of prices, “Passing off” goods in a way that hides their true origin, Bait-and-switch or other unauthorized substitutions of one brand of goods for another, Trade libel or rumor mongering, and Misappropriation of trade secrets, among other practices.

What is regulatory competition?

Jump to navigation Jump to search. Regulatory competition, also called competitive governance or policy competition, is a phenomenon in law, economics and politics concerning the desire of law makers to compete with one another in the kinds of law offered in order to attract businesses or other actors to operate in their jurisdiction.

What is competition policy for?

Competition policy. Written By: Competition policy, public policy aimed at ensuring that competition is not restricted or undermined in ways that are detrimental to the economy and society.