In 2002, Indian Parliament enacted a Competition Act which seeks to replace the Monopolies and Restrictive Trade practices Act, 1969. The erstwhile law, MRTP Act, 1969, was enacted in the era of licences, permit and control and was based on the social and economic philosophy enshired in the directive principles of the state policy contained in Indian constitution. In pursuit of globalization, India has responded by opening up its economy, removing controls and resorting to liberalization which geared its market geared to face competition from within and outside. Thus, keeping in view the economic developments of the country, to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interest of consumers and to ensure freedom of trade carried on by participants in markets, in India, a new competition regime has been enacted which has made a historic shift bringing Indian competition laws and policies in the line of competition prevailing in the global market. The new act seeks to prohibit anti competitive agreements, abuse of dominance, and to regulate combinations. For achieving the purposes of the act, the act empowers the Central Government to establish Competition Commission of India which is mandated to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers, and ensure freedom of trade carried on by other participants in the market in India and also to undertake competition advocacy for creating awareness and impart training on competition Law. The new Act brings a sea change difference in the competition law regime in India.