Cabinet approves rightsizing Competition Commission of India
The Union Cabinet chaired gave its approval for rightsizing Competition Commission of India (CCI) from one Chairperson and six Members (totalling seven) to one Chairperson and three Members (totalling four). It will be done by not filling existing two vacancies of members and one more additional vacancy, which is expected in September 2018 when one incumbent member complete his term.
The downsizing proposal of CCI is expected to result in reduction of three Posts of members CCI in pursuance of Government’s objective of “Minimum Government – Maximum Governance”. In several major jurisdictions such as in Japan, US and United Kingdom Competition Authorities are of similar size.
Moreover, it also pursuance of Government’s objective of easing mergers and amalgamation process in country. It will help in faster turnaround in hearings, resulting in speedier approvals that will help in stimulating business processes of corporates and result in greater employment opportunities in country.
Competition Commission of India (CCI)
CCI is quasi-judicial statutory body established under The Competition Act, 2002. It was established in October 2003 and became fully functional in May 2009. Section 8(1) of the Act provides CCI shall consist of Chairperson and not less than two and not more than six Members. Presently, Chairperson and four Members are in position. It has been functioning as a collegium right from its inception. It functions under Ministry of Cooperate Affairs.
CCI aims to eliminate practices that adversely affect competition in different industries and protect interests of consumers and ensure freedom of trade. Its seeks to eliminate practices having adverse effect on competition, promote and sustain competition, protect interests of consumers and ensure freedom of trade in markets of India. It also gives opinion on competition issues on reference received from statutory authority established under any law and undertakes competition advocacy, create public awareness and impart training on competition issues.
Categories: India Current Affairs 2018