NEWS : 13th Annual Day commemoration of the Competition Commission of India celebrated
COMPETITION COMMISSION OF INDIA
• Statutory body established under Competition Act, 2002 in 2003
• Became fully functional only by 2009
• Quasi-judicial body which gives opinions to statutory authorities
Composition of CCI
o Consists of one Chairperson and six Members as per the Competition Act
o Appointed by the Central Government
o Chairperson and other Members shall be whole-time Members
o 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.
FUNCTIONS
• Ensuring that the benefit and welfare of the customers are maintained in the Indian Market
• An accelerated and inclusive economic growth through ensuring fair and healthy competition in the economic activities of the nation
• Ensuring the efficient utilization of the nation’s resources through the execution of competition policies
• The Commission also undertakes competition advocacy
• It is also the antitrust ombudsman for small organizations
• The CCI will also scrutinize any foreign company that enters the Indian market through a merger or acquisition to ensure that it abides by India’s competition laws – the Competition Act, 2002
• CCI also ensures interaction and cooperation with the other regulating authorities in the economy