BANKING AFFAIRS

Detailed explanation-1: -The main objectives of the Competition Act, 2002 are: to provide the framework for the establishment of the Competition Commission. to prevent monopolies and to promote competition in the market. to protect the freedom of trade for the participating individuals and entities in the market.

Detailed explanation-2: -Objectives of Competition Act 2002 The Competition Act 2002 is a law that aims to protect the interests of customers from anti-competitive behaviour, encourage and maintain market competition, defend consumer rights, and ensure the freedom of trade of other market players.

Detailed explanation-3: –to prevent practices having adverse effect on competition, -to promote and sustain competition in markets, -to protect the interests of consumers, -to ensure freedom of trade carried on by other participants in markets in India and-for matters connected therewith or incidental thereto.

Detailed explanation-4: -(C) Adhere to generally accepted security procedures. This is not the objective of The Competition Act, 2002.

Detailed explanation-5: -Overview of Regulation of Combination Section 6 of the Act inter alia provides that no person or enterprise shall enter into a Combination which causes or is likely to cause an appreciable adverse effect on competition within the relevant market in India and such a combination shall be void.