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Source– This post on Competition Commission of India (CCI) is based on the article ‘CCI approves acquisition of Global Infrastructure Management, LLC by BlackRock Funding, Inc.’ published in “PIB” on 11th April 2024.
Why in the News?
Recently, The Competition Commission of India (CCI) has approved acquisition of Global Infrastructure Management, LLC by BlackRock Funding, Inc.
About Competition Commission of India (CCI)
| Aspects | Description |
| About the CCI | The Competition Commission of India (CCI) is a statutory body of the Government of India responsible for enforcing the Competition Act, 2002. It was established in 2003. |
| Composition | A Chairperson and 6 Members appointed by the Central Government. |
| Headquarters | New Delhi. |
| Preceding agency | Monopolies and Restrictive Trade Practices Commission. |
| Mandate | It was established to prevent activities that have an adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers, and to ensure freedom of trade in the markets of India. |
Powers of Competition Commission of India (CCI)
1. Inquiry and Investigation: CCI has the power to inquire into any alleged contraventions of the anti-competitive agreements and abuse of dominant position. It can also investigate suo moto, or on receipt of a complaint from any person, consumer or their association, or trade association.
2. Penalties and Orders: After an inquiry, CCI can pass orders and impose penalties on companies found in violation of the Competition Act. It can direct parties to modify or terminate agreements and even impose monetary penalties based on the nature of the violation.
3. Direction to Modify Practices: CCI has the authority to direct enterprises to discontinue anti-competitive practices and not to re-enter such agreements.
4. Division of Enterprises: In extreme cases, CCI can order the division of a dominant enterprise to ensure that it does not abuse its position or form monopolies.
5. Temporary Injunctions: CCI can issue interim orders, temporarily restraining parties from continuing with anti-competitive practices during an investigation.
6. Appeal: Decisions or orders passed by CCI can be appealed to the National Company Law Appellate Tribunal (NCLAT), and further appeal lies with the Supreme Court of India.
Functions of CCI
1. Advocacy: CCI engages in competition advocacy, creating awareness and imparting training on competition issues.
2. Research and Monitoring: It conducts studies and research, and monitors market practices and the operation of the competition laws in India.
3. Consultation: It consults with governmental and non-governmental entities on policies that may affect competition in the Indian market.
4. Regulation of Combinations: CCI regulates combinations (acquisition, acquiring of control, and Mergers and Acquisitions) through a process of notification to ensure that these combinations do not have an adverse effect on competition in India.
5. Partnerships: CCI collaborates with other regulatory authorities, enhancing the effective enforcement of the Competition Act.
6. Training and Capacity Building: CCI organizes training programs for its staff and other stakeholders to build capacity in dealing with competition issues.
UPSC Syllabus: Polity and nation
