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With reference to the Competition Commission of India, consider the following statements:
1. It is statutory body established under the provisions of The Competition Act, 2002.
2. It consists a Chairperson and 16 Members appointed by the Central Government.
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 'A'. Can you explain this answer?
Most Upvoted Answer
With reference to the Competition Commission of India, consider the fo...
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman inaugurates Competition Commission of India’s Regional Office (West) in Mumbai.
  • A statutory body established under the provisions of The Competition Act, 2002.
  • 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: To implement provisions of The Competition Act, 2002 which –
    • prohibits anti-competitive agreements and abuse of dominant position by enterprises
    • regulates mergers and acquisition (M&A) which can have an adverse effect on competition within India. Thus, deals beyond a certain threshold are required to get clearance from CCI.
Hence only statement 1 is correct.
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