Competition Commission of India (CCI)

Competition Commission of India (CCI)

Subject : Polity

Section:National organisation

Context: The Competition Commission of India (CCI) approves (a) acquisition of majority shareholding in Optimus Drugs Private Limited (ODPL) by Sekhmet Pharmaventures Private Limited (Sekhmet).

Concept:

• Competition Commission of India is a statutory body responsible for enforcing the objectives of the Competition Act, 2002.
• CCI was established by the Central Government with effect from 14th October 2003, but it became fully functional on 20th May, 2009.
• Composition – A Chairperson and 6 Members appointed by the Central Government.

Formation of CCI:

• The CCI was established under the provisions of the Competition act 2002:
• The Competition Act, 2007, was enacted after amending Competition Act, 2002, that led to the establishment of the CCI and theCompetition Appellate Tribunal.
• The government replaced the Competition Appellate Tribunal (COMPAT) with the National Company Law Appellate Tribunal (NCLAT) in 2017.

Function of CCI – 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.