Important Facts For Prelims
Competition Commission of India
- 07 Mar 2020
- 2 min read
Why in News
The Competition Commission of India (CCI) organised the Fifth National Conference on Economics of Competition Law at the India Habitat Centre, New Delhi.
The Competition Act
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws.
- The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.
Competition Commission of India
- Competition Commission of India is a statutory body responsible for enforcing the objectives of the Competition Act, 2002.
- CCI has been established by the Central Government with effect from 14th October 2003.
- Composition: A Chairperson and 6 Members appointed by the Central Government.
- Duty of the Commission:
- To eliminate practices having adverse effects on competition.
- Promote and sustain competition.
- Protect the interests of consumers.
- Ensure freedom of trade in the markets of India.
- The Commission is also required to give opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.
