Syllabus: GS-II, Subject: Polity, Topic: Institutions, Issue: Competition Commission of India
Context: The Competition Commission of India (CCI) gave effect to two schemes.
Gist:
Two schemes:
- Offer negotiated settlements in antitrust cases
- Accept commitments from businesses for change in their behaviour.
Competition Commission of India:
- It is the chief national competition regulator in India.
- It is a statutory body under Competition Act, 2002
- Aim: To promote competition and prevent activities that have adverse effects on competition in India.
- Composition: Chairperson and six Members appointed by the Central Government.
- Power to impose penalties on businesses that violate the Competition Act.
Key Functions:
- Investigates anti-competitive agreements between businesses, such as cartelization and bid rigging.
- Prohibits abuse of dominant position by enterprises.
- Regulates mergers and acquisitions (M&As) that could cause harm to competition.
- Advocates for competition, promotes awareness about competition law and enhance consumer welfare.
