CSEET · Economic and Business Environment · Key Government Institutions
Which statutory body in India is entrusted with preventing practices that have an adverse effect on competition in markets and with promoting and sustaining competition?
The Competition Commission of India is the statutory body set up under the Competition Act, 2002 to prevent practices that harm competition, promote and sustain competition, protect consumers and ensure freedom of trade in Indian markets.
- ACompetition Commission of IndiaCorrect
- BSecurities and Exchange Board of India
- CReserve Bank of India
- DNational Company Law Tribunal
Explanation
The Competition Act, 2002 established the Competition Commission of India to eliminate practices harming competition, promote and sustain competition, protect consumer interests and ensure freedom of trade. SEBI regulates securities markets, RBI handles monetary policy and banking, and NCLT deals with company law matters, so none of them is the competition regulator.
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