The Competition Commission of India (CCI) would shortly notify Section 5 and 6 of the Competition Act to regulate mergers and acquisition, according to CCI chairman Dhanendra Kumar.
CCI had already notified Section 3 (prohibition of anti-competitive agreements) and Section 4 (prevention of abuse of dominant position).
In his key note address at a seminar on 'Competition Laws- Development of Trade and Industry', organised by city-based Babul Reddy Foundation on Saturday, he said competition would accelerate growth and would ensure that quality products and services were offered at a reasonable price to the consumers. India was transforming into a free economy. "Competition is an essence of market economy,'' he said.
CCI had a mandate to prohibit and regulate anti-competitive agreements, prevent abuse of dominant position by enterprise or groups, protect the interests of consumers, ensure freedom of trade, eliminate practices having adverse effect on competition, promote and sustain competition, create awareness and impart training on competition issues, he said.
Later, on a query on the Reserve Bank of India (RBI) seeking exemption for bank mergers and acquisition (M&As) from the Competition Act saying that it was well-versed in the functioning of banks and was better placed to be the final authority to decide on the matter, he said CCI office had not received any such note from the RBI.
Earlier, addressing the meeting Supreme Court judge Justice Altamas Kabir and Competition Appellate Tribunal of India chairman Justice Arijit Pasayat voted for competition advocacy.
