POST TIME: 6 July, 2018 00:00 00 AM
Competition Commission to prevent malpractices in market

Competition Commission to prevent malpractices in market

Bangladesh Competition Commission (BCC) is working on ensuring consumers interest by preventing various types of malpractices in the market, BCC Chairperson Md Iqbal Khan Chowdhury told BSS. “The goal of the commission is to ensure equal opportunity in the market by creating an environment of fair and sustainable competition, protecting  interest and promoting best practice in the market,” the Chairperson said.

He said the commission, established under the Competition Act, 2012, is now working to create a healthy competitive environment in the market so that people can get products and services at competitive, but fair prices. Referring to the government’s target of making Bangladesh a middle income country by 2021 and a developed country by 2041, Chowdhury said it is important to expedite investment by reducing unequal competition in trade and business. Briefing on the commission’s major duties, he said BCC started functioning in 2016 to promote and ensure fair competition in trade by controlling and eradicating collusion, monopoly and oligopoly and combination or abuse of dominant position or activities adverse to the fair competition.

He said any individual or enterprize can lodge complaints with the commission if the individual or the business entity find any anti-competitive activity in the market.

The commission, however, can also take suo moto steps against any person

or enterprize, if it considers that the individual or enterprize is involved in

anti-competition practices, he added.

Regarding the role of the commission in case of unusual price rise in the market, he said the commission does not have anything to do with abnormal

price hike of goods and services, but it can take legal action to prevent anti-competitive business practices.

According to the Competition Act, the commission is also authorised to allow or deny merger of companies after considering the market situation and the impact of planned merger on the consumers”, he said.

Noting that the commission works as a civil court, Chowdhury said if the commission find anyone involved in anti-competition activities or abuse of dominant position, the commission can fine up to 10 percent of the average of his/her turnover for the last three financial years.

 He, however, said that the commission needs more staff to start its activities in a full swing.