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The Bangladesh Competition Commission (BCC) has drafted rules to complete inquiries within 15 working days after receiving allegations of anti-competitive practices.
If needed, the BCC will get additional 10 working days to do the job as it looks to settle cases fast and create a competitive environment among businesses.
“We want a case to be disposed of in the fastest time possible. This will benefit everyone,” said Md Mofizul Islam, chairperson of the commission.
The move comes as there is an absence of a specific time frame to complete probes into the allegation of anti-competitive practices in Bangladesh at the moment.
The regulations have been awaiting approval ever since the BCC sent the final draft to the commerce ministry last October.
The regulations also mention the issue of conducting investigations within the date fixed by the commission and not exceeding more than 45 working days past the stipulated time frame.
The power of the BCC to file lawsuits and conduct proceedings has also been included in the regulations.
The Competition Act, enacted in 2012, has been prepared to promote, ensure and sustain a congenial atmosphere for competition in trade, and to prevent, control and eradicate collusion, monopoly and oligopoly, combination or abuse of dominant position or activities averse to competition.
Before the enactment of the law, the Monopolies and Restrictive Trade Practises (Control and Prevention) Ordinance, 1970, was in force.
To achieve the objectives of the act, the government formed the BCC.
There are currently six ongoing cases with the BCC, which has so far settled five cases and will give orders or judgements in nine others.
Besides, investigation is under way for over 15 allegations.
Islam said the vision of the organisation is to make the market competitive through advocacy, engagement and enforcement of the law.
He went on to say that it is a normal tendency of people to avoid responsibility.
(TDS)
