India 2018

Corporate Affairs 271
appropriation or the number of persons affected and the possibility of
investigations leading to, or contributing towards a clear improvement in
systems, laws or procedures. Investigations are carried out by a multi
disciplinary team which includes experts from the field of accountancy, forensic
auditing, taxation, customs and central excise, information technology, capital
market, financial transaction (including banking) and enforcement agencies like
Central Bureau of Investigation (CBI), Intelligence Bureau (IB) and Enforcement
Directorate.
Indian Institute of Corporate Affairs
The Ministry set up the Indian Institute of Corporate Affairs (IICA), a society
registered under Societies Registration Act, 1860 to serve as a 'Holistic Think-
Tank', and a 'Capacity Building, Service Delivery Institution' to help corporate
growth, reforms through synergised knowledge management, partnerships and
problem solving in a one-stop-shop mode. The institute fulfils the training needs
of the officers of the Indian Corporate Law Service (ICLS), and other officials
working for the Ministry, corporates, PSUs and banks through its network of
various schools and centres. National Foundation for Corporate Social
Responsibility is also anchored with IICA. The institute also helps in the
continuous improvement of service delivery mechanisms in diverse areas like
corporate governance, corporate social responsibility, investor education and
protection, business responsibility, finance, competition law, etc.
Competition Commission of India
The Competition Commission of India (CCI) was established in 2003 under the
Competition Act, 2002, with the objective of eliminating practices having an
adverse effect on competition, promoting and sustaining competition, protecting
the interest of consumers and ensuring freedom of trade in India. The
Competition Act, 2002 was amended twice by the Government (Amendment)
Act, 2007 and the Government (Amendment) Act, 2009. The provisions of the
Competition (Amendment), 2002 relating to anti-competitive agreements and
abuse of dominant position were brought into force from May, 2009 and those
relating to combinations from 2011.
By March, 2017, the CCI received 868 matters relating to anti-competitive
agreements and abuse of dominance in diverse sectors such as insurance, travel,
transport, cement, automobile manufacture, real estate, pharmaceuticals,
financial sector, public procurement and entertainment, etc. It passed final orders
in 654 cases (about 75.34 per cent). Penalties have also been imposed by CCI in
some of the serious cases of infringements.
In respect of Regulation of Combinations, the Commission received 498
notices (including 9 suo-motu cases) for combination till March, 2017. Out of
them, 482 cases were disposed of within the stipulated time period.