Competition Commission of India
Context:
The Competition Commission of India probing an Investigation of trio body Trustees Association India(TAI) on Fee Cartel
India's Antitrust bOdy is Investigating the Trustee units of SBI, AXIS, and IDBI Bank for Suspected Collusion on fees, triggering Lawsuits
About Competition Commission of India
It has been established under the Act of Competition Act, 2002 for the administration, implementation, and enforcement act which constituted in 2009
Chairman and members are appointed by the Central Government
-The Monopolies and Restrictive Trade Practices Act, 1969 has been repealed and replaced with Competition Act, 2002 recommended by Raghavan Committee
-This is a Quasi-Judicial Body
Duties:
-The commission must eliminate practices which have an adverse effect on competition, promote and sustain competition, protect the interests of the consumer and ensure freedom of trade in Indian markets
-to give an Opinion on Competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues
Advantages of CCI
- It Promotes Domestic Industries
- Prevents Market Distortions if there are any
- CCI Promotes a Free enterprise system
