Context:
CCI released draft regulations to closely monitor implementation of settlement and commitment in anti-trust cases.
Highlights of the Draft:
- Empowers CCI to appoint independent agencies like accounting firms, and individuals like chartered accountants, etc., to monitor implementation of CCI’s orders.
- CCI would retain the authority to suspend or terminate the involvement of these agencies if they do not meet certain standards.
- Any such revocation cannot be challenged in any court of law.
- Monitoring agencies must confirm their independence by disclosing their potential conflicts of interest.
Competition Commission of India:
- Act – Competition Act, 2002 (replaced Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act)
- Status – Quasi-judicial body
- Ministry – Ministry of Corporate Affairs
- Aim – Ensure fair and healthy competition in economic activities and implement competition policies for the most efficient utilization of economic resources.
- Composition – 1 Chairperson and 6 Members appointed by Central Government
- Eligibility – Person of ability, integrity and standing and who, has been, or is qualified to be a judge of a High Court, or, has special knowledge and professional experience of not less than 15 years in international trade, economics, business, commerce, law, finance etc.
- Functions –
- To eliminate practices having adverse effect on competition
- To give opinion on competition issues on a reference received from a statutory authority established under any law
Source: Business Standard
Previous Year Question
With reference to the Delimitation Commission, consider the following statements:
1. The orders of the Delimitation Commission cannot be challenged in a Court of Law.
2. When the orders of the Delimitation Commission are laid before the Lok Sabha or State Legislative Assembly, they cannot affect any modifications in the orders.
Which of the statements given above is/are correct?
[UPSC Civil Services Exam – 2012 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)
