India’s step to liberalize, globalize and privatize the Indian economy was a largely impactful one, and not one without consequences. The laws that would govern the market earlier were the Monopolies and Restrictive Trade Practices, 1969 (MRTP Act), which restricted the growth of monopolies in the market. India’s transition from a “command and control” economy to that of a free economy has brought forth a new legislation under the name Competition Act, 2002. This new legislation is considered to be at par with the other established contemporary competition laws of the world.
As a general rule, competition laws are premised upon the economic principle that competition is desirable in a free market. Competition laws seek to prevent businesses from engaging in practices that are harmful to competition and consumer welfare. Competition law, unlike any other law in existence in India, attempts to regulate the manner in which business is conducted by enterprises. It attempts to codify such conduct that is either pro-competitive or anti-competitive in nature. The purpose of such law is manifold, the primary ones are to prevent practices that are detrimental to competition; to promote and sustain competition in the markets; to safeguard the interests of the consumers; and to ensure freedom of trade carried out by other participants.
There are certain practices (such as abuse of dominant position, cartelisation, etc.) that are strictly forbidden. The key lies in determining and identifying such practices and the laws that punish such acts. There has been a rise in competition in the market due to upcoming players, and also in the cases presented before the adjudicating authority, i. e the Competition Commission of India(CCI). The CCI is a quasi-judicial authority that has jurisdiction over cases regarding this matter. Such adjudication and trial and inquiries require advocates who are well-versed with the laws and can assist in such cases. Corporations also require advocates who can assist them in avoiding attracting liability and staying within the rules of mergers.
Enhelion, in collaboration with Dhuparr and Associates, has curated a “CertificateCourse in Competition Law”which not only covers all the essential topics, but also conducts assessments in multiple modes that ensure that the student has grasped the concepts properly. Being self-paced, this course is perfect for those looking to have a career in competition law.