Ayush Srivastava & Ayush Srivastava
Bennett University, Greater Noida, Uttar Pradesh
The basic definition of ‘market’ is similar in all areas. In the management context, ‘market’ is an actual or nominal place where the forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. Whereas, in the legal context a market is a public time and an appointed space used for buying and selling. The ‘New Age Market’ is how the market has evolved and is evolving. New age market are markets, which are backed up by technology such as e-markets, or the online markets. The market for a particular product be it a new age or old age is made up of potential customers who need it and the willingness as well as the ability to pay for it. The competition in India is being regulated by the Competition Commission of India (“CCI”) which has enacted a legislation known as the Competition Act of 2002 to regulate and maintain a healthy competition in India. It further makes sure that no one is using unfair means or no ethical method such as forceful acquisition of competitor to or the commission penalizes misusing the data to get ahead in the competition and the one who tries to do so.
Keywords: Definition of Market, Competition Commission of India, CCI, e-Market, Online Market