Competition Commission to be functional soon: Minister
The much-delayed Competition Commission will become functional in 5-6 months following the necessary amendments to the Competition Act, Minister for Company Affairs Prem Chand Gupta said on Wednesday.
By PTI |
MUMBAI: The much-delayed Competition Commission will become functional in 5-6 months following the necessary amendments to the Competition Act, Minister for Company Affairs Prem Chand Gupta said on Wednesday.
The Competition Act, which was amended by Parliament in 2007, is expected to come into force which will enable the government to provide the necessary structure to the Competition Commission and Competition Appellate Tribunal (CAT), Gupta told reporters here.
At present, 107 countries have enacted a competition law. The implementation of the competition regulations would boost India's economic growth momentum, the Minister said.
The Government enacted the Competition Act in 2002, following the recommendations of the Raghvan Committee. However, the Act could not be enforced earlier due to legal challenges to the Act.
After the Supreme Court verdict in January 2005, the Government carried out necessary amendments to the Act, enabling the Government to operationalise the Competition Commission.
The Competition Commission when comes into force will replace the existing Monopolies and Trade Practices Act.
However, the industry is awaiting clarifications on a number of issues, including the exact definition of market dominance.
The Competition Act, which was amended by Parliament in 2007, is expected to come into force which will enable the government to provide the necessary structure to the Competition Commission and Competition Appellate Tribunal (CAT), Gupta told reporters here.
At present, 107 countries have enacted a competition law. The implementation of the competition regulations would boost India's economic growth momentum, the Minister said.
The Government enacted the Competition Act in 2002, following the recommendations of the Raghvan Committee. However, the Act could not be enforced earlier due to legal challenges to the Act.
After the Supreme Court verdict in January 2005, the Government carried out necessary amendments to the Act, enabling the Government to operationalise the Competition Commission.
The Competition Commission when comes into force will replace the existing Monopolies and Trade Practices Act.
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However, the industry is awaiting clarifications on a number of issues, including the exact definition of market dominance.
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