Competition authority

In the competition act 2002, Two tiers agencies were created as per its provisions

 Competition commission of india

Concerning Competition commission of India, It is its duty to eliminate practices having

adverse effect on competition, promote and sustain competition, protect the interests of
consumers and ensure freedom of trade in the markets of India. And this commission is
assisted by the director general

 Competition appellate tribunal (COMPAT)

The COMPAT is made to hear appeals from a person, enterprise, local authority which are
aggrieved by any direction, decision or order in regards to competition. And they can also
provide compensation.

And any person aggrieved by any decision or order of the Appellate Tribunal can file an
appeal to the Supreme Court which is considered as the ultimate appeal.

Competition policies

Now let’s move on to the competition policy, to prevent a possible anti-competitive action,
there is need for competition law and policy, and an authority to enforce it.

So this Competition policy generally entails:

 Competition law prohibiting anti-competitive conduct by businesses

 Sectoral regulatory laws to check situations where market fails

This can include Government policies namely:

Industrial policy

Which assert that Competition, both domestic and external, will be deepened across industry

Trade policy
Which claimed that a liberalised trade policy, relaxed foreign investment and ownership
requirements can enhance competition in local and national markets

Privatization

It just states that the government believes that privatisation should increase competition, not
decrease it

Economic policy and Labour policy

This consist of promoting sustained high level of economic growth, so that it can improve
productivity which can help in attaining international competitiveness and generating
employment opportunities

Non applicability

Finally concerning its applicability

Competition Act is not applicable in the following cases

1. Public Financial Institutions.

2. Foreign Institutional Investors (FIIs).

3. Banks.

4. Venture capital Funds (VCFs)

5. Agreements related to intellectual property rights (IPRs) such as trademarks, patents,

copyrights etc.

Conclusion

As a conclusion, we can say that the competition Act, 2002 is landmark legislation.
Its main aim is to promote competition and curb all anti-competitive agreements. Indeed, not
only does it restrict the abuses of dominant enterprises, but it also regulates any kind of
combinations beyond a particular size.

But bear in mind that this Act does not curb monopolies rather it curbs abuses of monopolies.

Thus, the competition Act is expected to protect the interest of the small and medium
industries in the country besides giving consumers more powers to redress their grievances.