Union Finance Ministry has constituted nine-member Competition Law Review Committee to ensure that legislation is in tune with changing business environment. It will be chaired by chaired by Corporate Affairs Secretary Injeti Srinivas and includes Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo and Competition Commission of India (CCI) Chairperson as members. The committee was constituted in pursuance of Government’s objective of ensuring that legislation is in sync with needs of strong economic fundamentals.
Committee’s Terms of references
The committee will review competition regulations in view of changing business environment and suggest the necessary changes to strengthen and re-calibrate existing law to promote best practices. It will also look into international best practices in competition field with thrust on anti-trust laws, merger guidelines and handling cross-border competition issues. It will also study other regulatory regimes, institutional mechanisms and government policies which overlap with Competition Act. It will submit its report within three months of the date of its first meeting.
The Competition Act was passed in 2002 and Competition Commission of India (CCI) was set up in 2009. However, since inception of the commission, the size of the economy has grown immensely making it one of the fifth largest economies in the world. In this context, it was seen necessary to that Competition Law is strengthened and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money.