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With reference to the Competition Commission of India, consider the following statements:
1. It has the power to regulate its own procedures.
2. It has the power to impose monetary penalties upon violation of the Competition Act, 2002.
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
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Competition Commission of India, consider the fo...
- The Competition Commission of India has the power to inquire into a certain agreement as well as the dominant position of enterprises.
- It has the power to inquire into any acquisition or combination if it determines that such acquisition or combination may adversely affect competition in the Indian market.
- It has the power to regulate its own procedures.
- It has the power to impose monetary penalties upon violation of the Competition Act, 2002.
- It has the power to pass an interim order for any act where there has been anti-competition agreements or abuse of position by dominant parties which adversely affects the competition in the market.
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With reference to the Competition Commission of India, consider the fo...
1. Power to regulate its own procedures:
The first statement is correct. The Competition Commission of India (CCI) has the power to regulate its own procedures. As an independent regulatory authority, the CCI is responsible for enforcing the provisions of the Competition Act, 2002. It has the authority to determine its own rules and procedures for conducting investigations, hearings, and inquiries. The CCI has framed regulations such as the Competition Commission of India (General) Regulations, 2009, which outline the procedures to be followed by the commission.
2. Power to impose monetary penalties:
The second statement is also correct. The CCI has the power to impose monetary penalties for violations of the Competition Act, 2002. The Act prohibits anti-competitive agreements, abuse of dominant position, and regulates combinations (mergers and acquisitions) that may have an adverse impact on competition in the market. If the CCI finds any individual or entity to be in violation of these provisions, it can impose penalties.
The Competition Act, 2002 provides for penalties up to 10% of the average turnover of the party involved in the violation for each year of the continuance of the violation, or a fixed sum, whichever is higher. The penalties imposed by the CCI aim to deter anti-competitive behavior, promote fair competition, and protect the interests of consumers.
The CCI's power to impose penalties is exercised through a quasi-judicial process. It conducts investigations, hearings, and inquiries to gather evidence and ascertain whether there has been a violation of the Competition Act. Once a violation is established, the CCI can pass orders imposing penalties, directing the parties to cease and desist from their anti-competitive practices, and taking any other measures necessary to restore competition in the market.
In conclusion, both statements are correct. The CCI has the power to regulate its own procedures and impose monetary penalties upon violation of the Competition Act, 2002. These powers enable the CCI to effectively enforce competition laws, promote fair competition, and protect the interests of consumers in the Indian market.
The first statement is correct. The Competition Commission of India (CCI) has the power to regulate its own procedures. As an independent regulatory authority, the CCI is responsible for enforcing the provisions of the Competition Act, 2002. It has the authority to determine its own rules and procedures for conducting investigations, hearings, and inquiries. The CCI has framed regulations such as the Competition Commission of India (General) Regulations, 2009, which outline the procedures to be followed by the commission.
2. Power to impose monetary penalties:
The second statement is also correct. The CCI has the power to impose monetary penalties for violations of the Competition Act, 2002. The Act prohibits anti-competitive agreements, abuse of dominant position, and regulates combinations (mergers and acquisitions) that may have an adverse impact on competition in the market. If the CCI finds any individual or entity to be in violation of these provisions, it can impose penalties.
The Competition Act, 2002 provides for penalties up to 10% of the average turnover of the party involved in the violation for each year of the continuance of the violation, or a fixed sum, whichever is higher. The penalties imposed by the CCI aim to deter anti-competitive behavior, promote fair competition, and protect the interests of consumers.
The CCI's power to impose penalties is exercised through a quasi-judicial process. It conducts investigations, hearings, and inquiries to gather evidence and ascertain whether there has been a violation of the Competition Act. Once a violation is established, the CCI can pass orders imposing penalties, directing the parties to cease and desist from their anti-competitive practices, and taking any other measures necessary to restore competition in the market.
In conclusion, both statements are correct. The CCI has the power to regulate its own procedures and impose monetary penalties upon violation of the Competition Act, 2002. These powers enable the CCI to effectively enforce competition laws, promote fair competition, and protect the interests of consumers in the Indian market.
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With reference to the Competition Commission of India, consider the following statements:1. It has the power to regulate its own procedures.2. It has the power toimpose monetary penaltiesupon violation of the Competition Act, 2002.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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