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Competition Commission of India (CCI)
Context:
The Competition Commission of India (CCI) approved the acquisition of Global Infrastructure Management, LLC (GIM) by BlackRock Funding, Inc. (BFI).
More on News:
- The acquisition involves BFI acquiring 100% of the limited liability company interests in GIM.
- BFI, a newly created subsidiary fully owned by BlackRock Inc., has no independent activities.
- BlackRock is a U.S. publicly traded company with global operations, managing assets on behalf of institutional and retail investors worldwide.
- GIM, headquartered in New York, is a global independent infrastructure fund manager operating under the name Global Infrastructure Partners (GIP Funds).
Competition Commission of India (CCI)
- Establishment: It was first established in October 2003, however it was fully constituted in March 2009.
- It is a statutory body established under the Competition Act, 2002.
- The Act was amended by Competition (Amendment) Act, 2007, aligns with contemporary competition law principles.
- Headquarter: Delhi.
- Composition: It consists of a Chairperson and six Members appointed by the Central Government.
- Qualifications: As per the Competition Act, 2002, individuals must possess Ability, integrity, and standing.
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- Special knowledge and professional experience of at least fifteen years in one or more of the following fields:
- International trade, Economics, Business, Commerce, Law, Finance, Accountancy, Management, Industry, Public affairs, Competition matters, including competition law and policy.
- Special knowledge and professional experience of at least fifteen years in one or more of the following fields:
- Tenure: 5 years or till the age of 65 years, whichever is earlier.
- Dual Functions: It performs dual functions of a regulator, as well as a quasi-judicial body.
- Role of CCI:
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- Eliminate practices having adverse effects on competition, promote and sustain competition.
- Prohibit anti-competitive agreements and abuse of dominant market positions by enterprises.
- Regulates acquisitions, gaining control, and mergers and acquisitions (M&A) which have potential to harm competition within India.
- Protect the interests of consumers and ensure freedom of trade in the markets of India.
- Establish a robust competitive environment through:
- Proactive engagement with consumers, industry, government, and international stakeholders.
- Being a knowledge intensive organisatiṣon with a high competence level.
- Professionalism, transparency, resolve and wisdom in enforcement.
- Give opinion on competition issues on a reference received from a statutory authority established under any law.
- Undertake competition advocacy, create public awareness and impart training on competition issues.
- Eliminate practices having adverse effects on competition, promote and sustain competition.
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“Traders, joining together and raising or lowering the prices of goods, make a profit of one hundred panas on one pana or of hundred kumbhas (unit of weight) on one kumbha.” –Kautilya |