Question

The Competition Act, 2002 came into force on which of the following dates?

• A. 13th Jan. 2002
• B. 13th Jan. 2003
• C. 31st March 2002
• D. 31st March 2003

Hint:

Competition Act, 2002 is associated with modern competition law in India and came into force on 31st March 2003.

Answer 1

The Correct Option is D

Concept: The Competition Act, 2002 was enacted to prevent practices having adverse effect on competition, promote competition, protect consumer interests and ensure freedom of trade.

Step 1: Understand the purpose of the Act.
The Act replaced the older MRTP framework and created a modern competition law regime in India. \[ \text{Competition Act} \Rightarrow \text{Fair competition + Consumer welfare} \]

Step 2: Identify the commencement date.
The Competition Act, 2002 came into force on: \[ 31^{st}\ March,\ 2003 \]

Step 3: Select the correct option.
Among the given options, 31st March 2003 is option (D). Therefore, the correct answer is 31st March 2003.