Competition Commission of India
Context: In a further bid to check predatory pricing and ensure fair competition, the Competition Commission of India has notified new definitions for various costs it will use to judge whether a price charged by a company for a product or service is predatory or not.
Important Pointers:
► Statutory Body: Constituted under the Competition Act, 2002, replacing the MRTP Act, 1969.
► Global Alignment: Established on the recommendations of the Raghavan Committee to align India’s competition laws with global practices.
► Administrative Ministry: Functions under the Ministry of Corporate Affairs.
► Objectives: Prevent anti-competitive agreements, curb abuse of dominant position, promote fair competition, protect consumer interests, and ensure freedom of trade.
► Composition: Consists of one Chairperson and six members appointed by the Central Government.
► Eligibility and Tenure: Members must have at least 15 years of professional experience in law, economics, finance, international trade, etc., with a five-year term.
► Headquarters: Located in New Delhi.