Government nominates Ravneet Kaur as CCI chief for five years

One of the people cited above said on condition of anonymity that Kaur, the first woman to hold the position, has been appointed for five years or until she reaches the age of 65. He belongs to the 1968 batch of Indian Administrative Service officers, and is currently serving as an Additional Chief Secretary in the Government of Punjab, as per publicly available information.

Kaur’s appointment helps fill the critical need for a three-member panel to deliberate on important matters and help reinvigorate the regulatory body. At present, the CCI faces limitations in issuing orders, except in instances relating to mergers and approvals, due to its inability to meet the quorum requirement.

The government is appointing more members to the CCI, anticipating the retirement of members in the commission, to plug any possible regulatory gap and ensure continuity in its operations.

The top post in the CCI fell vacant after Ashok Kumar Gupta completed his four-year term as chairman on October 25. Gupta’s departure prompted the government to nominate Sangeeta Verma as acting chairperson. As per the provisions of the Competition Act, the CCI should consist of a Chairperson and a minimum of two Members. However, the total number of members cannot exceed six.

With the government expanding the regulatory mandate of CCI with the latest amendments in the law, it has become important to add more manpower and infrastructure to CCI. An amendment to the Competition Act earlier this year has brought certain transactions meeting specified value thresholds of acquisitions within the ambit of the CCI. In addition, the CCI is now empowered to enter into negotiated settlements with businesses and other parties in cases of anti-competitive agreements and abuse of dominance.

Once the new chairperson is inducted, the CCI will have to issue pending orders and make rules for newly implemented provisions, such as negotiated settlement. The regulator has, over a period, increased its oversight of the digital economy and set up a separate internal unit to deal with new-age firms.

After the National Anti-Profiteering Authority was abolished last year, the CCI has also been empowered to adjudicate GST-related profiteering cases. Anti-profiteering orders in sectors such as real estate and consumer goods are now expected from the CCI.

The regulator will also have to brace for tighter timelines in approving mergers and acquisitions. One of the amendments to the law introduced in the budget session of Parliament has a provision for deemed approval if the regulator does not take a prima facie opinion on the transaction within 30 days of receipt of the request for approval.