About Competition Commission of India:
- It is a statutory body which was established under the Competition Act, 2002.
- The priority of the Commission is to eliminate practices having adverse effects on competition, promote and sustain competition, protect the interests of consumers, and ensure freedom of trade in the markets of India.
- Nodal Ministry: Ministry of Corporate Affairs
- Headquarters: New Delhi
- Composition of Competition Commission of India:
- It has the composition of a quasi-judicial body, with one chairperson and six additional members.
- All members of the CCI are appointed by the Central Government.
- Eligibility of Members: Appointments to the CCI require a minimum of 15 years of professional experience in areas like international trade, finance, or law, with members serving a five-year term.
- Functions of Competition Commission of India
- Promoting Fair Competition and Consumer Protection: The CCI prevents anti-competitive practices like price-fixing and collusion, ensuring competitive pricing and quality to protect consumer interests.
- Maintaining Market Freedom: It restricts unfair practices by dominant players, safeguarding a level playing field and reviewing mergers and acquisitions to prevent monopolistic control.
- Investigation and Penalties: The CCI conducts inquiries into violations, imposes penalties on offenders, and promotes awareness of competition law through training programs.
- Advisory and Collaborative Role: The CCI provides advisory opinions on competition matters to government bodies and collaborates with other regulators to ensure consistency with competition laws.
