Consider the following statements about Competition Commission of India (CCI):1. It is a statutory body established in 2003.2. It is responsible for enforcing The Competition Act, 2002 throughout India.Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

Notes:

About Competition Commission of India (CCI):

It is a statutory body established in 2003 and became fully functional in 2009.
It is responsible for enforcing The Competition Act, 2002 throughout India.
The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises.
The Act regulates combinations (acquisition, acquiring of control and Merger and acquisition), which causes or likely to cause an appreciable adverse effect on competition within India.
CCI consists of a Chairperson and 6 Members appointed by the Central Government.
Eligibility:Person should be qualified to be a judge of a High Court, or, has special knowledge of, and professional experience of not less than fifteen years in international trade, economics, commerce, law, finance.
It is the duty of the Commission to:
eliminate practices having adverse effect on competition
Promote and sustain competition.
Protect the interests of consumers.
Ensure freedom of trade in the markets of India.

Source: EPIC November 2021