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Journalism of Courage
The Competition Commission of India (CCI) will soon come out with different codes of compliance for industry associations and enterprises to prevent cartelisation in sectors such as steel, cement and pharmaceuticals.
“We will come out with the code of compliance for associations like cement and steel, among others, and tell them the penalties involved if found indulged in a cartel,” Competition Commission of India (CCI) acting chairman Vinod Dhall said here today.
It will take a few months for formulating the code of compliance, he added. However, the code for enterprises is likely to come in around 10 days. Associations, he said, would be asked to deter their members from indulging in abusive market practices so as to promote healthy competition.
The CCI has also finalised the draft regulations for enforcement of the Competition Act, 2002. “We have finalised the draft regulations and will post it in the public domain by the mid of July,” director general of CCI Amitabh Kumar said. The seven regulations, finalised by the Advisory Committee in its meeting on June 7 are necessary for the operationalisation of the Act.
The Competition Act has been formulated to prevent and deter market abusive practices such as cartelisation, abuse of dominance, predatory pricing etc. The Act will replace Monopolies and Restrictive Practice Commission (MRTPC).
Acknowledging that it has been a long wait for the CCI to become fully functional, Joint Secretary of the Ministry of Corporate Affairs (MCA) Jitesh Khosla said the government is in the process of effectively implementing the Act and procedure to appoint chairman, Competition Appellate Tribunal, among other things, is underway.
