Competition law based on market economy principals: Dhall

Kolkata, Jun 21 (UNI) The Competition Law is quite different from the Monopoly and Restrictive Trade Practices(MRTP) Act and is based on rules of the market economy, Competition Commission of India's chairman Vinod K Dhall said today.

''The law is based on the basic features that competition promotes efficiency which leads to innovation and consumer welfare,'' Dhall said.

However, the Commission is not a regulator like the SEBI and TRAI and its recommendations are not binding on the government, he said.

The Commission is yet to get the recommendations of the expert committee formed to look into the rules of the Competition law, he said.

Presently the Commission is creating public awareness about the anti-competition cartels formed by the industries and associations and advocating unhindered competition for the development of the economy, he added.

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