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The "Competition Commission of India (CCI)" is a statutory body established for a specific purpose. Which of the following best describes the primary objective of the CCI?
To promote and regulate foreign trade agreements.
To ensure fair competition in the market and prevent anti-competitive practices.
To oversee the functioning of public sector banks and financial institutions.
To set standards for product quality and consumer safety.
To ensure fair competition in the market and prevent anti-competitive practices.
The Competition Commission of India (CCI) is the chief national competition regulator in India, established to eliminate practices having an adverse effect on competition. It promotes and sustains competition in markets, protects the interests of consumers, and ensures freedom of trade.
The Competition Commission of India (CCI) is the chief national competition regulator in India, established to eliminate practices having an adverse effect on competition. It promotes and sustains competition in markets, protects the interests of consumers, and ensures freedom of trade.
The Competition Commission of India was established under the Competition Act, 2002, which replaced the archaic Monopolies and Restrictive Trade Practices (MRTP) Act, 1969.
Established on 14 October 2003, but became fully functional in 2009.
The Commission consists of a Chairperson and not less than two and not more than six other members appointed by the Central Government.
The body is responsible for investigating anti-competitive agreements, abuse of dominant position, and regulating combinations (mergers and acquisitions).
Option A refers to bodies like the Ministry of Commerce and Industry or DGFT. Option C refers to the Reserve Bank of India (RBI). Option D refers to the Bureau of Indian Standards (BIS) and the Consumer Protection Act.
The CCI is a quasi-judicial body with the power to impose heavy penalties on firms found guilty of cartelization or unfair trade practices.
The Competition Act was amended in 2023 to introduce 'green channel' routes for faster approval of mergers and acquisitions.
B is correct тАФ The Competition Commission of India is a statutory body tasked with enforcing the Competition Act, 2002 to maintain market fairness.
When studying regulatory bodies, always distinguish between those monitoring financial stability (RBI/SEBI) and those monitoring market conduct (CCI), as UPSC/SSC often swaps their functions in matching-type questions.
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