Competition Commission of India is a quasi judicial body established for enforcing the Competition Act, 2002 [as amended by the Competition (Amendment) Act, 2007] in India and to prevent activities that have an adverse effect on competition in India. It was established on October 14, 2003. The said body became fully functional in May 2009.
The objectives of the Competition Commission of India is as follows:
- To prevent practices having an adverse effect on competition in India;
- To promote and sustain competition in markets;
- To protect the interests of consumers;
- To ensure freedom of trade carried on by other participants in markets in India;
- To Implement competition policies with an aim to effectuate the most efficient utilization of economic resources;
- To develop and nurture effective relations and interactions with sectoral regulators to ensure smooth alignment of sectoral regulatory laws in tandem with the competition law.
The Commission comprises of a Chairperson and six other members. The members are in-charge of various other departments like the economic division, combinations division, anti-trust division, legal division and the investigation decision. The Competition Act, 2002 also provides for the appointment of a Director General for the purposes of assisting the Commission in conducting inquiry into contravention of any of the provisions of the said Act.