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Competition Act, 2002

In this Act,:—
"acquisition" means, directly or indirectly, acquiring or agreeing to acquire—
(i) Shares, voting rights or assets of any enterprise; or
(ii) Control over management or control over assets of any enterprise;
"cartel" includes an association of producers, sellers, distributors, traders or service providers who, by agreement amongst themselves, limit, control or attempt to control the production, distribution, sale or price of, or, trade in goods or provision of services;
"practice" includes any practice relating to the carrying on of any trade by a person or an enterprise
"shares" means shares in the share capital of a company carrying voting rights and includes—
any security which entitles the holder to receive shares with voting rights;
qstock except where a distinction between stock and share is expressed or implied;
Objectives of Competition Act, 2002
Competition Act, 2002 notified in January, 2003. Preamble's stated objective is to establish the commission which has the duty to:
1) Eliminate practices having adverse effect on competition
2) Promote and sustain competition
3) Protect consumer’s interests
4) Ensure freedom of trade carried on by other participants in markets, in India.



BENEFITS OF COMPETITION
The benefits of Competition work through the economy by enhancing allocative, productive and dynamic efficiency and thereby benefit the consumers, businesses and the government.
a) Consumers: 
i) Wider choice of goods, services and suppliers
ii) Better quality and improved value for money.
b) Businesses
i) Level playing field
ii) Redressal against anti competitive practices
iii) Competitively priced inputs
iv) Greater productivity and ability to compete in global markets.
c) Governments (Central and State)
i) Optimal realization from sale of assets
ii) Savings of public money in procurement
iii) Enhanced availability of resources for social sector.

MAIN COMPONENTS OF COMPETITION ACT
1.      Anti-Competition agreements
2.      Abuse of Dominance
3.      Regulation of Combinations
4.      Competition Commission of India

5.      Competition Advocacy

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