Competition Commission of India

Competition Act, 2002

The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and Mergers and acquisitions), which causes or likely to cause an appreciable adverse effect on competition within India.
The objectives of the Act are sought to be achieved through the Competition Commission of India, which has been established by the Central Government in 2003.

About CCI

The Competition Commission of India (CCI) is a statutory body established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
CCI consists of a Chairperson and 6 Members appointed by the Central Government.
The following are the objectives of the Commission.
- To prevent practices having adverse effects on competition
- To promote and sustain competition in markets
- To protect the interests of consumers and
- To ensure freedom of trade.
The Commission is also required to give opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.
Appeals of CCI lie with the National Company Law Appellate Tribunal.

Why in News?

The National Company Law Appellate Tribunal (NCLAT) has rejected an appeal by the U.S. e-commerce giant Amazon against a ₹200-crore penalty imposed by the Competition Commission of India.

NCLAT was constituted under the Companies Act, 2013 for hearing appeals against the orders passed by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 (IBC).
It also heard appeals against the orders passed by the Insolvency and Bankruptcy Board of India (under IBC) and the Competition Commission of India.
NCLAT is also the Appellate Tribunal to hear and dispose of appeals against the orders of the National Financial Reporting Authority.
NCLAT decisions can be challenged in the Supreme Court on a point of law.

Reference

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.