Who is a competition regulator? What is the role of a competition regulator?
A competition regulator is generally a statutory authority with the mandate to enforce competition law (also called antitrust law in some countries such as USA) and may sometimes also enforce consumer protection laws.
Competition regulators may regulate anti-competitive agreements such as cartels and the abuse of dominant position in the markets. They also regulate certain aspects of mergers and acquisitions of business and often undertake advocacy also to promote competition culture.
What is a Competition law? What is an antitrust law?
Competition law is a specific law which has the objective of promoting/maintaining competition in the markets by regulating anti-competitive conduct. It is also known as antitrust law in the United States.
What is the Competition Commission of India (CCI)?
The Competition Commission of India (CCI) is a statutory body established through the Competition Act, 2002. It came into force in 2009. The CCI is an autonomous body comprising of a Chairperson and six members.
What is the role of the Competition Commission of India (CCI)?
It is the duty of the Commission to:
- Eliminate practices having adverse effect on competition
- Promote and sustain competition
- Protect the interests of consumers
- Ensure freedom of trade in the markets of India.
The Commission is also required to give opinion on competition issues on a reference received from a statutory authority and to undertake competition advocacy, create public awareness and impart training on competition issues.
Explain briefly the history of Competition laws in India.
India’s earlier Competition related law:
Monopolies and Restrictive Practices Act, 1969 became outdated after liberalization of economy in 1991.
Competition Act, 2002 was passed in January 2003 with the objective of preventing practices having adverse effect on competition, promoting and sustaining competition in markets, protecting the interests of consumers and ensuring freedom of trade carried on market participant.
The Competition Act, 2002 aims at protecting Indian markets against anti-competitive practices by enterprises. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises, and regulates entering into combinations (consisting of mergers, amalgamations and acquisitions) with a view to ensure that there is no adverse effect on competition in India.
Can the decision of the Competition Commission of India (CCI) be appealed?
An appellate body called Competition Appellate Tribunal was also set up in 2009 with the final appeal resting with Supreme Court of India. CCI is thus, a fully empowered body today and the Indian Competition Law has fully come into force.
Sources:
2. Arthapedia