20 May 2019: CCI celebrates its 10th Annual Day
The Competition Commission of India (CCI) celebrated its 10th Annual Day on 20 May 2019. The date ‘20 May’ marks the notification of substantive enforcement provisions of the Competition Act, 2002.
About Competition Commission of India
- CCI is a statutory body which was established under the provisions of Competition Act, 2002. It was established in 2003.
- Composition: It consists of a Chairperson and six Members appointed by the Central Government.
- It is responsible for enforcing the provisions of Competition Act, 2002 throughout India.
- To prevent activities that can have an adverse effect on competition.
- To promote and sustain competition
- To protect interests of consumers.
- To ensure freedom of trade in the markets of India.
- Importance: CCI is although young body but is a perceptive regulator. It has strived to nurture a culture of competition in Indian markets by its credible antitrust enforcement and regular engagement with stakeholders. Since 2009, CCI has reviewed about 660 merger filings, 1010 antitrust cases and has held more than 700 advocacy events.
About The Competition Act 2002
It is amended by the Competition (Amendment) Act, 2007. It provisions include:
- Prohibiting anti-competitive agreements and also preventing abuse of dominant position by enterprises.
- Regulating combinations such as acquisition, acquiring of control, mergers and acquisition (M&A) which can have an adverse effect on competition within India.
Although the role of Competition Commission of India (CCI) as a Market Regulator ensures a level playing field but in increased globalized and inter-dependent world, role of the CCI is required to be dynamic.
Month: Current Affairs - May, 2019
Category: Important Days & Events Current Affairs
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