Competition Commission of India
- Union Minister of Finance and Corporate Affairs commemorated the 12th Annual Day of the Competition Commission of India (CCI).
- The CCI was established under the Competition Act, 2002, on 20th May 2009, when the substantive provisions concerning anti-competitive conduct came into force.
Competition Commission of India:
- CCI is a statutory body.
- CCI is a quasi-judicial body that provides opinions to statutory authorities and also deals with other cases.
Its objectives under the Competition Act of 2002 are:
- To prevent practices from having an adverse effect on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers.
- To ensure freedom of trade.
- CCI includes
- one Chairperson
- six Members
- The Chairperson and other Members shall be whole-time Members.
- Eligibility of members: The Chairperson and every other Member shall be a person of ability, integrity and standing and who, has been, or is qualified to be a judge of a High Court, or, has special knowledge of, and professional experience of not less than fifteen years in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs, administration or in any other matter which, in the opinion of the Central Government, may be useful to the Commission.
Competition Act (2002):
The Competition Act, 2002, which was later amended in 2007, prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes an adverse effect on competition within India.