• The Competition Commission of India (CCI) is a statutory bodyof the Government of India and is in charge of enforcing the Competition Act, 2002. The CCI was established to promote moral and healthy competition among businesses so, it acts as a competition regulator in India. The Commission is driven by the principles of professionalism, wisdom, and transparency by being a knowledge-intensive body claiming to have a greater competence level in the Indian markets. 

How and When was the Competition Commission of India formed?

• On the recommendations of the Raghavan Committee, the Monopolies and Restrictive Trade Practices (MRTP) Act,1969 was abolished and replaced by the Competition Act, 2002. Under the guidelines of the Competition Act of 2002, the CCI was established by the Vajpayee government in 2003, although it became fully functional in 2009. As India had adopted economic liberalization and globalization, it was crucial to maintain fair competition in the marketplace without any prejudice, through legislation. 
• The Competition Act, of 2002 was amended with the enactment of the Competition (Amendment) Act, of 2007. As a result, the CCI and the Competition Appellate Tribunal (which was later replaced by the National Company Law Tribunal (NCLAT) in 2017) were founded.

Composition and Appointments of Competition Commission of India

• The Commission used to consist of one chairperson and a maximum of six members. The Cabinet further lowered it to three members and a chairperson. This action was taken to speed up the approval and hearing procedures, which would in turn encourage corporate company operations and increase employment prospects across the nation. The Commission’s chairperson and the other members work full-timefor the commission since it is a quasi-judicial body with the stature of statutory authority, provides advice to other authorities, and handles matters involving unfair business practices.
• The Central Government appointsthe members of the CCI.

Role of Competition Commission of India

• The Commission’s responsibility is to end practices that have a detrimental effect on competition and ensure market freedom.
• The Competition Commission serves as a watchdog for smaller businesses that are struggling to compete with larger stakeholders and corporations in the market.
• Implementing competitive policies to ensure the most efficient utilization of the nation’s economic resources.
• The Commission also prioritizes achieving its goals, such as maintaining consumer market fairness in a way that benefits both producers and consumers. Additionally, this aids in the overall economic development of the country.
• The CCI will also closely examine any foreign firm that joins the Indian market through a merger or acquisition to make sure it complies with the Competition Act, 2002.
• The Commission also can notify and warn the organizations selling in the Indian market, if they believe it is adversely damaging the competitiveness of the Indian market.
• To engage in competition advocacy, raise public awareness of the issue, and provide training on the subject.
• Additionally, CCI guarantees communication and cooperation with other economic regulatory bodies. This will guarantee that the sectoral regulatory legislation and the laws governing the competition are compatible.
• According to the Competition Act- No company or organization is allowed to take advantage of their dominating position in the market by manipulating their buy prices and controlling their supply since this might have a negative impact on the market.
• To ensure that the markets function in the interests of customers,making their wellbeing the priority.

Challenges in front of the Competition Commission of India

While implementing the Competition law, there are both internal as well as external challenges.

• The e-commerce and digital economyare the foundations of the new company models. Given that the current competition regulations primarily discuss assets and turnovers, this presents a challenge for the CCI. 
• The number of benches of CCI has not been increaseddue to which the judgments are not pronounced speedily on the competition cases.
• There is apotential threat from cartelization. The supply chain has been negatively impacted because of the pandemic-related worldwide lack of supplies and the subsequent conflict in Eastern Europe.
• The ongoing and rapid change in business practices and the evolving antitrust issueis proving to be a significant challenge for the CCI.
• Additionally, businesses make an effort to erect legal barriers that prevent the implementation of competition legislation.

The Competition Commission is essential in maintaining market stability since it aids in preventing all sorts of unfair trade practices that are frequently used by large corporations, such as cartelization, abuse of dominant position, and monopolization of their product. In this way, the CCI not only saves the market but also boosts the Indian economy in every aspect. It has earned its deserving position at the head table as the most sophisticated competition regulator in the world. Thus, it is one of the most efficient and essential bodies of the Indian government.