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Corporate Affairs Minister Dr. M.Veerappa Moily had said the Competition Commission of India compliments Sectoral Regulators and there is no question of encroachment on the jurisdiction of Sectoral Regulators. Dr. Moily stated this today while interacting with the Press on the occasion of releasing a compendium titled “Innovative March to New Horizon of Corporate Growth” to highlight the achievements of the Ministry of Corporate Affairs. The Minister observed that Competition Commission of India is a Market Regulator whose mandate is to foster competition and protect the markets from anti competitive practices.
On the issue of the Regulatory overlap with other sectoral regulators such as Banking, Telecom etc., Dr. Moily clarified that only the Bank Mergers and Acquisitions (M&A’s) are proposed to be exempted from Competition Commission of India scrutiny under the Banking Law Amendment Act which the Cabinet recently approved. Dr. Moily stated that while the job of a Sectoral Regulator is to facilitate conditions that are conducive to competition, the Competition Commission of India is to regulate and to ensure that there is a healthy competition in the market.
The Corporate Affairs Minister also informed that after detailed deliberations, the Draft National Competition Policy is ready and necessary steps are being taken for submission of Note to cabinet. The proposed National Competition Policy envisages the Cabinet Committee on Competition to provide necessary directions and guidelines to various Ministries and Departments of Government of India on steps to be taken to engender the ‘Competition Culture’.
Dr. Moily stated that The Competition (Amendment) Bill has been referred to a Group of Ministers for consideration.