The Hindu Business Line : `CCI to act as nodal agency to check anti-competitive practices'

TO ensure that abuse of dominance is prevented, the Competition Commission of India (CCI) will act as the nodal agency to determine if rules of the game put in place by other regulators have resulted in anti-competitive practices, the Secretary, Ministry of Company Affairs (MCA), Ms Komal Anand, said here.

Speaking at a session on mergers, acquisitions & shareholders liquidity alternatives at `6th International Conference on Legal Reforms in Infrastructure Imperative to Growth' organised jointly by the Confederation of Indian Industry and the Society of India Law Firms, she said, "The competitiveness among various players working in the business environment has necessitated suitable changes to be made in the regulator framework also.

"The regulators such as the Insurance Regulatory and Development Authority, the Telecom Regulatory Authority of India and the Electricity Regulatory Board are making constant efforts to bring the respective sectors on the speedy and sustained growth path."

"Instead of overlapping with other sectoral regulators, the Commission will play a useful complementary role," she said. "We are aware that some of the sector-specific regulators may also examine competition dimensions emanating from mergers or amalgamations of licensees and there by issue of a overlap of jurisdiction is likely to crop up. Various alternatives, which exist overseas are being examined to resolve such conflicts between Competition Authority and sector specific regulators."

The CCI has the power to investigate and enquire into anti-competitive agreements, the abuse of dominance and regulate combinations, mergers or amalgamations and acquisition. Since the Competition Act faced a legal challenge, the Commission could not be fully established. Following the Supreme Court directive, certain amendments are being brought to the Act.

The Government hopes to bring in the amendments during the monsoon session of Parliament.

The report of the J J Irani Committee examining the concept paper on revamped company law is expected by the end of this month.

"It is hoped that the revised company law is introduced into Parliament by November this year," she said.

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`CCI to act as nodal agency to check anti-competitive practices'