Competition Commission of India Current Affairs - 2019
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Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has appointed former IAS officer Ashok Kumar Gupta as Chairperson of Competition Commission of India (CCI). He replaces acting chairperson Sudhir Mital. He will be in office till October 25, 2022 i.e. till he attains age of 65 years or until further orders, whichever is the earliest. Gupta is former IAS officer of the Tamil Nadu cadre.
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 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.
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.