Dhaka, Mar 17 (UNB) - The government is planning to enact a stringent law titled ‘Competition Law’ to stabilize market price curbing monopoly.

A competent source in the Commerce Ministry told UNB as there is no specific law to take punitive action against the market manipulators; the government is planning to enact the Competition Law during the current fiscal year.

The source said the ministry has almost finalized the draft of the law, which might be placed in the Cabinet meeting for approval by next month.

After getting approval from the Cabinet, a bill to this effect will be placed in the parliament to make it law by next June. The law would help control the unusual prices of essential commodities.

There is no clear provision about syndication or anti-hoarding in existing market laws like the Consumers’ Rights Protection Law or the Anti-hoarding Law.

Although couple of ministers blamed a section of traders for jacking up market prices through hoarding the commodities, the government has not been able to take any punishment against those traders.

Since the market is not based on proper rules and regulation, market analysts say hoarders and syndicates always remain untouched due to loopholes in the existing laws.

Many countries including India already have legislations like the competition law to ensure fair competition through checking unusual profit-making tendency. Besides, the government has taken a move to amend the toothless anti-hoarding law in order to control the price-hike of daily essentials.

The Commerce Ministry has already asked the respective ministries, including the Ministries of Law, Food and Home Affairs, to make their suggestions on amendment of the Anti-hoarding Law to make it effective in the market intervention and regulation.