Competition Commission of India (CCI) is a statutory body formed by the government of India. The CCI body is responsible for implementing the Competition ACT, 2002 in India and for ensuring business organizations abide by the Act in all their trade practices in India or from anywhere when dealing with the Indian market.
CCI was founded in 2003 but become fully operational only in March 2009.
What is Competition Act, 2002
The Competition Act, 2002 is an Indian law that regulates the Competition in Trade/business practices in India. It regulates anti-competitive deeds and abuse of dominant positions of companies for a free and fair business environment in the country.
The Competition Act, 2002 also regulates important financial and business agreements between companies such as acquisition, merger, and transaction of power, which could affect the free and fair trade competition practices in the Indian Market.
The main role of CCI is enforcing Competition Act, 2022 which is crucial for creating a sustainable business ecosystem that facilitates free and fair trade practices for all the business organizations in India.
Notable Actions By CCI
Recently, In June 2022, CCI ordered an enquiry against Bookmyshow, a movie ticket selling platform for alleged unfair trade practices exploiting its dominant position in the market. It is alleged that Bookmyshow’s unfair agreements with theatre owners result in the loss of opportunity for other players to enter in the online ticket-selling business.
In June 2022, CCI approved the proposal of Tata-owned Air India to Acquire the Entire Shareholding in AirAsia India