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The Competition Commission finds its roots in the Competition Act, 2002. The express purpose for the creation of the commission is to prevent any policy or activity that may be damaging to healthy competition practices in the Indian markets.
The conception of Competition Commission happened in the form of The Competition Act, 2002 by the Vajpayee government. In the backdrop of the economic liberalisation, the need to develop a healthy competitive environment became necessary. The Competition Commission of India is a statutory body that has been established under the Competition Act, 2002.
Its main objective is to enforce the provisions of Act, 2002 and prevent any Anti-Competitive agreements from being realised. It was established on 14th, October 2003 and became fully functional in its duties on May 2009 with Dhanendra Kumar as its first chairman.
The Competition Commission of India comprises of a chairman and six other members forming the board of the commission, they are appointed by the central government. Currently, Ashok Kumar Gupta is the chairman of the Competition Commission of India.
According to the Act, the commission’s board must at all times consist of a chairman and a minimum of two board members and a maximum of six board members. The Act requires the chairman as well as the members to have a minimum of fifteen years of experience in the fields of either finance, accounting, law, economics, statistical analytics etc.
The Competition Commission of India seeks:
The Competition Act, 2002 was enacted to ensure the development of the economy via fair and constructive competition practices. To this extent The Competition Commission of India must do the following:
The Competition Commission of India is established under Chapter III Section 7 of the Competition Act, 2002. The Act also provides the powers the commission holds to ensure its duties are met. The Act gives The Competition Commission of India the following powers: