The Hindu Business Line : Competition panel to be expert body

New Delhi, Sept 10 The Competition (Amendment) Bill, 2007, which would make the Competition Commission of India (CCI) fully operational, has been passed by the Rajya Sabha today.

The Lok Sabha has already given its nod to the Bill.

The Bill moved by Mr Prem Chand Gupta, Minister of Corporate Affairs, was passed in the upper house even as it was witnessing uproar by NDA members over the Indo-US nuclear deal.

As per the proposed amendments the Commission would now act as an expert body, which would function as a market regulator for preventing and regulating anti-competitive practices in accordance with the Act and would also play an advisory and advocacy role.

To hear and dispose of appeals against any order or decision of the Commission and to decide on compensation, a Competition Appellate Tribunal, which shall be a three-member, quasi-judicial body, headed by a person who is or has been a justice of the Supreme Court or the Chief Justice of a High Court, shall be set up.

A mechanism has been provided for mutual consultation between the competition regulator and other regulators to coordinate their action through a process of consultations.

Now, the Competition Commission and the sectoral regulator can consult each other on various matters so that they can work in harmony.

The amendment Bill also aims at continuation of the Monopolies and Restrictive Trade Practices Commission till two years after constitution of Competition Commission, for trying pending cases under the Monopolies and Restrictive Trade Practices Act, 1969 after which it would stand dissolved.