- The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act): This was the first competition law in India, which prohibited monopolies and restrictive trade practices.
- Economic liberalization in the 1990s: In response to the changing economic landscape and the need to encourage competition, the Indian government began to liberalize the economy in the 1990s, which led to the dismantling of many government regulations and restrictions.
- The Competition Act, 2002: This Act replaced the MRTP Act and established the Competition Commission of India (CCI) as a regulatory authority to promote and protect competition in the market, prevent anti-competitive practices, and regulate mergers and acquisitions.
- Amendments to the Competition Act: Over the years, the Competition Act has been amended to address new challenges and issues arising in the market. Notably, the 2007 amendment introduced the concept of “combination” to regulate mergers and acquisitions.
- Recent developments: In recent years, the CCI has been actively enforcing the Competition Act and has levied significant fines on companies for anti-competitive practices. The CCI has also been working to promote competition in emerging sectors such as e-commerce and digital markets.
Evolution of Competition Law in India
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