The Scrimmage Between The Statutory Regulatory Bodies Of Specific Sectors And Competition Commission Of India
Tintu Joy, St. Joseph’s College of Law, Bengaluru
ABSTRACT
The Competition Commission of India established in 2003, is the chief statutory body under the Ministry of Corporate Affairs created by the Competition Act, 2002. It oversees and ensures a competitive environment in Indian economy via engaging the government, business houses and all those who have a vested interest. The primary objective of the Competition Commission of India is to prevent anti-competitive activities and promote sustainable competitive business practices and ensure free trade. The Competition Commission of India is empowered to conduct probe, adjudicate and fine businesses who indulge in anti-competitive practices. But since it started to function in 2009, it has been engaged in conflict and turf war over jurisdiction with other sectoral statutory regulatory bodies such as Reserve Bank of India which regulates the banking sector, Securities and Exchange Board of India that regulates the securities market, Telecom Regulatory Authority of India regulating the telecommunication sector and Insurance Regulatory and Development Authority of India that regulates the insurance sector. The paper tries to analyse the fault lines in the Competition Act, 2002 which created Competition Commission of India and led to the sectoral conflict. The paper further tries to scrutinize the newly proposed Competition Amendment Bill 2022 to check whether the bill tries to solve the sectoral jurisdictional conundrum among the Competition Commission of India and other statutory regulatory bodies.
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