Competition Commission of India Current Affairs - 2019
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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.
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.