What is the Full Form of MRTP Act?

By Shivank Goel|Updated : September 6th, 2022

The full form of the MRTP act is the Monopolistic and Restrictive Trade Practices act. The MRTP bill was passed in 1969 under the MRTP Commission. It came into effect on 1st June 1970 with the target of regulating free and unfettered trade. Here are some other goals that the MRTP act sought to achieve:

  • To control monopolies in the market.
  • To ensure that the economic power doesn't solely go into the hands of a small number of companies.
  • To regulate restrictive and monopolistic trade practices.

An amendment was introduced to the act in 1984, according to which a fourth objective was added. The objective was to regulate unfair trade practices under the same act. Then, in 1991, a final amendment was made under which the objectives of the MRTP act were as listed below:

  • Prohibition of Monopolistic Trade Practices (MTP)
  • Prohibition of Restrictive trade practices (RTP)
  • Prohibition of Unfair Trade Practices (UTP)

Full Form of MRTP Act

MRTP act was the government's way of tackling the growing monopolies in the market after India's independence. The full form of the MRTP act is The act was passed by the Government of India to prevent consumer rights and eliminate unfair trade practices.

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FAQs

  • The full form of the MRTP act is the Monopolistic and Restrictive Trade Practices act. The act was passed by the Government of India in 1969 to prevent consumer rights and eliminate unfair trade practices.

  • The MRTP act is the Monopolistic and Restrictive Trade Practices act, which came into effect in 1970. To regulate the distinction between restrictive and monopolistic trade practices and to control monopolies in the market.

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