What is the News ?

The Competition Commission of India has recently unveiled preliminary rules for overseeing mergers and acquisitions involving significant India-based operations, particularly those in the technology sector, thereby extending the authority of the antitrust regulator.

Facts About:

• CCI is a government-established statutory body founded in March 2009 under the Competition Act, 2002.
• The primary objective of CCI is to foster fair competition in the economy, ensuring a level playing field for producers and promoting market dynamics that benefit consumers.
• The Commission's key focus areas include eradicating practices detrimental to competition, fostering and maintaining competitive environments, safeguarding consumer interests, and upholding the freedom of trade in India's markets.

Mandate: CCI enforces the provisions of The Competition Act, 2002, which:

• Prohibits anti-competitive agreements and the abuse of dominant positions by enterprises.
• Regulates mergers and acquisitions (M&A) that could potentially harm competition within India. Hence, deals exceeding certain thresholds require clearance from CCI.
• Monitors the activities of large enterprises to ensure they do not misuse their 'dominant position' by controlling supply, setting high purchase prices, or engaging in unethical practices that may harm emerging businesses.

Composition: CCI functions as a quasi-judicial body, consisting of one chairperson and six additional members, all appointed by the Central Government.

Headquarters: The Commission is headquartered in New Delhi.