The Competition Commission of India was established under which Act, replacing which earlier body?

The Competition Act, 2002, replacing the MRTP CommissionCorrect answerYour answerThe Companies Act, 2013, replacing the Company Law BoardCorrect answerYour answerThe Consumer Protection Act, 1986, replacing the Consumer ForumCorrect answerYour answerThe FEMA, 1999, replacing the FERA BoardCorrect answerYour answer

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CorrectNot quiteAnswer A

Correct answer: A

The Competition Act of 2002 created the Competition Commission of India.
It replaced the Monopolies and Restrictive Trade Practices Commission, which had worked under the MRTP Act of 1969.
The shift in thinking is in the names: the older law was aimed at bigness, the newer one at conduct that harms competition.

Worth noting

The Commission became fully operational in 2009, seven years after the Act that created it.

Concept: The Act the Competition Commission works under
Typical timeTypical: 45 s
Your timeYours: —

The rule this testsRegulators and economic institutions

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Ten questions from Indian Economy & Institutions, at your own pace.

The Competition Commission of India was established under which Act, replacing which earlier body?

Explanation