Competition Commission of India

The Competition Commission of India, sometimes known as the Commission, is responsible for enforcing India's laws governing competition. With effect from October 14, 2003, it was created by the Central Government under Section 7 of the Competition Act 2002.

What does Competition Commission of India define?

The Central Competition Commission of India (CCI) is made up of a chairperson and six members who are all appointed by the central government. The commission's responsibilities include eradicating practises that have a negative impact on competition, fostering and sustaining competition, safeguarding the interests of consumers, and ensuring freedom of trade in Indian markets.

Establishment of a Commission (Section 7 of the Competition Act 2002)

It provides for the establishment of a commission by the central government.

• The Commission shall be a legal entity named above with indefinite legal succession, empowered to acquire, hold, dispose of and enter into contracts with movable and immovable property in accordance with the provisions of this Law and represented.

• The seat of the Commission shall be as determined by the Government from time to time. The Commission's headquarters is located in Delhi. However, the Commission may set up offices elsewhere in India.

Composition of the Commission

The Commission shall consist of a Chairperson and not less than two and not more than six other members appointed by the Central Government. The Chairperson and other members are full-time members.

Duties of the Indian Competition Commission

Article 18 of the Law sets out the important duties of COMCO. The committee has her four main tasks −

• Elimination of practices harmful to competition.

• Promote and maintain competition.

• Protect consumer interests.

• Ensuring freedom of trade.

The Competition Commission may, with the prior approval of the Central Government, enter into memorandums or agreements with foreign authorities to carry out its duties or duties under this Law.

Furthermore, the law states that a commission must perform these primary duties.

• Eliminating Competition Harmful Practices − It is the duty of the European Commission to act as a watchdog against acts related to abuse of competition in the market.

• Promoting and maintaining competition − The Commission's main objective is to promote competition in the Indian market and maintain the competitiveness of the Indian market.

• Protection of consumer interests − The purpose of competition laws and competition commissions is to protect consumers from abuse of competition in the marketplace. To ultimately help consumers, all anti-competitive activities are prohibited.

• Ensuring freedom of trade for other participants in the Indian market − To protect competition in the market, the Commission has a duty not to impede the freedom of trade in the Indian market.

Powers of the Indian Competition Commission

Chapter IV of the Competition Act 2002 deals with the duties and functions of the Indian Competition Commission.

To protect competition in the Indian market, CCI has certain powers and is the primary regulator of competition in India. The powers of the Indian Competition Commission are −

• CCI has the authority to investigate intercompany agreements for abuse of a dominant position. This means that CCI has the right, on its own initiative or in response to information, to initiate investigations into suspected violations of anti-competitive rules.

• CCI may make inquiries about the application or from anyone based on reports submitted to her CCI.

• CCI grants powers to impose penalties and fines on companies that fail to comply or violate the provisions of the 2002 Competition Act. In India, the Competition Commission can impose fines on him for violating the Competition Act 2002.

• CCI reserves the right to make rules consistent with competition law. The law itself gives CCI this power.

Landmark Judgement

Steelmaker case

According to India's Engineering Export Promotion Council, the rise in steel costs in India is far greater than in other parts of the world. Such a sharp rise in steel prices has hit India's engineering industry and exporters of engineering products, especially in the small and medium sector.

Since it is from the MRTP Act, it can be considered an outlier. Before proceeding, CCI determines whether the substantive law of these matters is his MRTP law or, as a point of advance, the law.

Conclusion

Competition Commission of India (CCI) was established in March 2009 by the Government of India under the Competition Act 2002. This is to align India with the global economy, protect consumer interests and ensure a stable market. The law calls for the establishment of CCI, which aims to be India's leading regulatory body. This is the statutory body of the Corporate Affairs Authority (MCA). The primary purpose of this law is to promote competition and prevent anticompetitive agreements. You can also abuse your position to exploit dominant companies and control all sorts of combinations above a certain size. As a result, instead of prohibiting monopoly, this law prohibits abuse of monopoly rights.

Frequently Asked Questions

Q1. What is CCI approval?

Ans. The Indian Competition Commission regulates the consummation of mergers, mergers and acquisitions in India. CCI has the authority and responsibility to review these combinations and assess whether they are anti-competitive or adversely affect competition in the Indian market.

Q2. Is the CCI a quasi-judicial body?

Ans. They argue that the CCI is a quasi-judicial body with the power to impose harsh penalties that cannot be enforced without the benefit of the judge sitting on the panel.

Q3. What are CCI's tasks?

Ans. The CCI consists of a chairman appointed by the central government and her six members. It is the duty of the Commission to eliminate practices harmful to competition, promote and maintain competition, protect consumer interests, and ensure freedom of trade in the Indian market.

Q4. What is the CCI's regulatory role?

Ans. Competition Commission of India (CCI), a statutory body established under the Competition Act 2002 with the primary purpose of regulating competition in the market, plays an important role in protecting the interests of consumers. Competition Commission of India (CCI), a statutory body established under the Competition Act 2002 with the primary purpose of regulating competition in the market, plays an important role in protecting the interests of consumers.

Q5. What kind of indicator is CCI?

Ans. The Commodity Channel Index (CCI) is a technical indicator that measures the difference between current prices and historical average prices. A CCI above zero indicates that the price is above its historical average.