February 28, 2024

WHY IN NEWS?

  • Recently the 12thAnnual Day of the Competition Commission of India (CCI) was observed on 20th May.

About:

Statutory Body:

  • Competition Commission of India is a statutory bodyresponsible for enforcing the objectives of the Competition Act, 2002.
  • CCIwas established by the Central Government with effect from 14th October 2003, but it became fully functional on 20th May, 2009.

Composition:

  • A Chairpersonand 6 Members appointed by the Central Government.

Formation of CCI:

  • The CCIwas 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 the Competition Appellate Tribunal.
  • The government replaced the Competition Appellate Tribunal (COMPAT)with the National Company Law Appellate Tribunal (NCLAT) in 2017.
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