Competition law is designed to promote fair competition in the marketplace, prevent anti-competitive practices, and protect the interests of consumers, said KD Singh, Director, Competition Commission of India (CCI).
He was addressing the valedictory session of the 14th Anti-Trust Moot Court Competition organised by National Law University Jodhpur.
“It is an essential tool for ensuring a level playing field for all businesses, and it is vital that all market participants understand the rules of the game,” added Singh.
Fair and ethical business practices
Singh said that businesses must comply with competition law to avoid serious legal and financial consequences.
Anti-competitive practices such as price-fixing, bid-rigging, and market allocation can result in fines, compensation claims, reputational damage, and other associated complexities.
Compliance with competition law is therefore not only a legal requirement, but it also demonstrates the commitment of enterprises to fair and ethical business practices, he added.
The benefits of competition regulation are numerous. Competition law helps to create a more efficient market by promoting innovation, encouraging lower prices, and improving the quality of goods and services.
It also helps to prevent abuse of market power, which can stifle competition and lead to higher prices and reduced choice for consumers, pointed out Singh.