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The full form of CCI is the Competition Commission of India. The Indian government has established CCI as a statutory entity. The 1969 Monopolies and Restrictive Trade Practices Act was first enforced by CCI. The Competition Act, of 2002, was subsequently enacted in its place, per the Raghavan Committee’s recommendations. The commission is an advisory body to statutory authorities that functions in a quasi-judicial capacity.
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The Competition Commission of India (CCI) is a statutory body under the Service of Corporate Undertakings that is in charge of executing the Competition Act 2002 to promote competition and prevent actions that have a significant adverse effect on competition in India. The Competition (Amendment) Act, 2007, as modified, adheres to the principles of contemporary competition legislation. The statutes forbid anti-competitive agreements, the exploitation of dominant market positions by businesses, and the regulation of mergers and acquisitions (M&A), which have the potential to materially harm competition in India.
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Objectives of CCI
The purpose of the Indian Competition Commission is to defend free enterprise, promote the indigenous industry, and protect the market from anti-competitive practices. These are the CCI’s primary goals:
- To guarantee commercial freedom.
- To stop anti-Competitive practices on the market.
- To advance and safeguard clients’ interests.
- To maintain healthy market competition.
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Powers of CCI
- Boosts consumer wellbeing
- Advocate for fair competition.
- Voicing thoughts and suggestions about competitive problems
- Ombudsman for small businesses in the antitrust field.
- Effective lobbying for fair competition.
- Implies rules governing competition.
- Preventing anti-competitive behavior.
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