New Delhi, Apr 4 (PTI) Competition Commission will soon have only three members besides the chairman, with the government today deciding to rightsize the fair trade regulator.
With the decision, the total number of posts, including that of chairperson, would be reduced from seven at present to four.
The Cabinet, chaired by Prime Minister Narenda Modi, approved “rightsizing” Competition Commission of India (CCI) in pursuance of the ‘Minimum Government – Maximum Governance’, an official release said.
This would be done by “not filling the existing vacancies of two members and one more additional vacancy, which is expected in September 2018 when one of the present incumbents will complete his term”, it added.
As per the Competition Act, the CCI should have a chairperson and at least two members and a maximum of six members.
The regulator comes under the administrative control of the Corporate Affairs Ministry.
According to the release, the CCI has been functioning as a collegium right from its inception.
“In several major jurisdictions such as in Japan, USA and UK competition authorities are of a similar size,” it added.
In 2017, the ministry had revised de minimis levels that was made applicable for all forms of combinations, methodology for computing assets and turnover of the target involved in such transactions.
“This has led to reduction in the notices that enterprises are mandated to submit to the Commission, while entering into combinations, thereby reducing the load on the Commission,” the release said.
The faster turnaround in hearings is expected to result in speedier approvals, thereby stimulating the business processes of corporates and resulting in greater employment opportunities in the country.
The CCI keeps a tab on unfair business practices across sectors.
This is published unedited from the PTI feed.