In the year 2002 the Competition Act was enacted replacing ___________.
In the year 2002 the Competition Act was enacted replacing ___________.
The correct option is B MRTP Act
The Competition Act
2002 replaced the Monopolistic
and Restrictive Trade Practices, 1969; as
it brought with itself the various safeguards which were need post the Liberalization,
Privatization and Globalization (LPG) Policy of 1991.
· Primarily MRTP was based on size of the
trade as factor and CA was based on structure as a factor. In MRTP, Competition
offences were implicit or not defined but were explicit and defined in CA. The
MRTP was Complex in arrangement and language, whereas the Competition Act is Simple
in arrangement and language and easily comprehensible.
· Basically, the Competition Act 2002, is a modernized,
simplified and practical evolution of the MTRP 1969.
The Competition Act 2002 replaced the Monopolistic and Restrictive Trade Practices, 1969; as it brought with itself the various safeguards which were need post the Liberalization, Privatization and Globalization (LPG) Policy of 1991.
· Primarily MRTP was based on size of the trade as factor and CA was based on structure as a factor. In MRTP, Competition offences were implicit or not defined but were explicit and defined in CA. The MRTP was Complex in arrangement and language, whereas the Competition Act is Simple in arrangement and language and easily comprehensible.
· Basically, the Competition Act 2002, is a modernized, simplified and practical evolution of the MTRP 1969.
