New Delhi, Nov 20 (KNN) The Ministry of Corporate Affairs (MCA) has invited comments from general public on Competition Act 2002 as a move to review the competition rules in accordance with the changing business environment.

MCA has constituted a Competition Law Review Committee to review the competition Act/ Rules/ Regulations in view of changing business environment and bring necessary changes, if required.

According to an experts, there has been no review of the current Act (2002) since its enactment hence the review is overdue if the Act to keep it relevant.

The Committee will also look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues.

The Committee will also study other regulatory regimes, institutional mechanisms, government policies which overlap with the Competition Act.

The updated version of the Competition Act, 2002 is available on the website www.cci.gov.in.

The comments have been sought by December 7, 2018 through email to competitionlaw_review@mca.gov.in

The Competition Law Review Committee (CLRC) was set up earlier this year by the Centre. It had constituted Working Groups and each of the four Working Groups were assigned a particular topic, including Regulatory Structure; Competition Law; Competition Policy, Advocacy and Advisory Functions; and New Age Markets and Big Data.

A number of lawyers from the top law firms were appointed to each of these Working Groups. (KNN Bureau)