Govt. constitutes Injeti Srinivas Competition Law Review Committee

Union Finance Ministry has constituted nine-member Competition Law Review Committee to ensure that the legislation is in tune with changing business environment.

• It will be chaired by Corporate Affairs Secretary Injeti Srinivas and includes Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo and Competition Commission of India (CCI) Chairperson as members.
• The committee was constituted in pursuance of the Government's objective of ensuring that the legislation is in sync with needs of strong economic fundamentals.

About the Committee's Terms of references:

• The committee will review competition regulations in view of changing business environment and suggest the necessary changes to strengthen and re-calibrate existing law to promote best practices.
• It will also look into international best practices in competition field with a thrust on anti-trust laws, merger guidelines and handling cross-border competition issues. 
• It will also study other regulatory regimes, institutional mechanisms and government policies which overlap with the Competition Act.
• It will submit its report within three months of the date of its first meeting.

Interesting to know:

• The Competition Act was passed in 2002 and the Competition Commission of India (CCI) was set up in 2009.
• However, since inception of the commission, the size of the economy has grown immensely making it one of the fifth largest economies in the world.
• In this context, it was seen necessary that Competition Law is strengthened and re-calibrated to promote best practices which will result in the citizens of this country achieving their aspirations and value for money.

Question:

Q. What has the Union Finance Ministry constituted to ensure that the legislation is in tune with changing business environment?
a. Business Law Review Committee
b. Competition Law Review Committeec. Financial Law Review Committee
d. None of the above