The Competition Commission of India, an anti-market practice regulator, will finally become operational by February next year, Union Corporate Affairs Minister Prem Chand Gupta said today. "The competition commission will be a functioning authority in the next two months," Gupta said here while launching accounting technician course started by the apex chartered accountants body ICAI. The Competition Act, 2002, has not been operationalised to date as the chairman and five members could not be appointed. It was amended last year in September and since then it has been non-functional. The government had earlier said the CCI would become functional by December this year. CCI is the anti-market practice regulator, which will replace the Monopolies and Restrictive Trade Practices Commission (MRTPC) and will look into various anti-market activities like abuse of dominance and cartelisation. The process of selection of a chairman and its members is on, he added. Gupta further said the Limited Liability Partnership (LLP) bill will be tabled in the Lok Sabha on Monday, which will open up new avenues for the service sector. It will allow professionals like chartered accountants to form an entity with limited liability and unlimited partners. He said the government is working with institutions like the Institute of Chartered Accountants of India (ICAI), ICWAI, ICSI and others to create an atmosphere which will help in reviving the economy. The steps in this direction have already been taken.
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