The Institute of Company Secretaries of India (ICSI) organised a seminar recently on Competition law and Compliance — A Growth Enabler in the Capital. Amarjeet Singh Chandhiok, senior advocate, former additional solicitor general of India was the key speaker. Ashok Chawla, chairperson, Competition Commission of India (CCI) was the chief guest. While referring to the competition law, which is size neutral and ownership neutral, Dr Chawla explained the need for the same. He compared MRTP Act which restricted economic activity with competition law which encourages economic activities without abusing dominance. He emphasised on reflective compliance programme that should present any violation, promote culture of competition, promote good corporate citizenship, and enterprises should identify the risks leading to violation of competition.
Chandhiok who also addressed the gatheringsaid: “The fundamental objective of competition law is to promote and sustain market competition as its rationale lies in the proposition that competition yields social benefits and therefore needs to be nurtured. The process of competition is, however, not automatic, as vested interest groups, incumbent monopolistic firms, collusive businesses and other stakeholders may distort the process of competition or capture the benefits of market-oriented economic reforms. The evidences, in this context, suggest that effective competition regulation in an environment of competition culture acts as a catalyst for trade liberalisation, foreign direct investment and other economic policies and welfare of the common man.”