Competition Commission of India
- On the proposal of the Raghavan committee, the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002.
Become more competitive:
- Modern competition rules are based on the Competition Act of 2002, as updated by the Competition (Amendment) Act of 2007.
What this Law forbids:
- agreements that are unfair to rivals
- commercial abuse of a favourable situation
About:
- The Competition Commission of India and the Competition Appellate Tribunal were constituted in accordance with the requirements of the Amendment Act.
- On May 20, 2009, the provisions of the Competition Act dealing with anti-competitive agreements and the abuse of dominant position were made available to the public.
- To aid in attaining the goals of the Act, the Central Government formed the Competition Commission of India on October 14, 2003.
- There is now a Chairperson and six Members on the Indian Competition Commission.
The chairperson and all other committee members must be accomplished, ethically pure people who:
- meets the criteria to serve as a judge on the High Court, or
- possesses professional expertise and at least fifteen years of relevant experience in any area that the Central Government believes the Commission might find useful, including international trade, economics, business, commerce, law, finance, accounting, management, industry, public affairs, and administration.
- The Commission is in charge of ending anti-competitive behaviour, promoting and maintaining competition, defending consumer interests, and guaranteeing trade freedom in Indian markets.
- Additionally, upon request by a government organisation created by any law, the Commission shall promote competition, raise public awareness of competition-related matters, and provide training on those themes.
- Statutory authorities are directed by the quasi-judicial commission, which also deals with other issues.
The goals of the Indian Competition Commission are as follows:
- In order for participation and enforcement to improve consumer welfare and encourage economic progress, it is important to create and safeguard an aggressive, inventive, and ethical corporate environment.
In order to promote a competitive environment, the Indian Competition Commission:
- proactive communication with all parties, such as customers, partners, the government, and international organisations.
- being a company that places a lot of value on education and training
- exhibiting professionalism, openness, tenacity, and sound judgement
The Competition Commission of India’s (CCI) duties include:
- to exercise influence on markets to make them function in the customers’ favour.
- to promote inclusive growth and prosperity for the nation’s economy by fostering healthy, moral competition.
- establishing rules for competition will guarantee that available funds are used as effectively as possible.
- To guarantee that sectoral regulators’ rules adhere to competition law, it is crucial to establish and maintain strong relationships with them.
