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<h1>Competition Act Applies to All Sectors, Including Telecom and Banking; No Exemptions Confirmed by Minister in Rajya Sabha.</h1> The Competition Act, 2002 does not exempt any sector, including telecom and banking, from its regulations. This was confirmed by the Minister of State in the Ministry of Corporate Affairs in response to a question in the Rajya Sabha. The Department of Financial Services has requested exemptions for struggling organizations in the insurance and banking sectors, but no such request has been made by the Department of Telecommunication. A proposed Draft National Competition Policy suggests creating a Cabinet Committee on Competition to address conflicts between regulators, and the draft is currently under consultation.