Time to harness an unruly horse

Here are five areas in the Competition Act, 2002, that need intense review and intervention

The government has appointed a committee to review the working of the Competition Act, 2002, and to recommend changes. This is an important opportunity — there is much to be done. Provisions relating to market abuse were made effective in May 2009, while provisions governing combinations became effective in June 2011. Both these areas need intense review and intervention. This column will deal with five facets of what cries for attention.

First, the law presents a framework that can be quite ambiguous. The section on “appreciable adverse effect on competition” — a vital ingredient for either disapproving of a merger or