New Delhi: The Lok Sabha on December 16 passed a Bill to provide a new competition policy and a regulatory body to replace Monopoly and Restrictive Trade Practices Commission (MRTPC) with government asserting under the new dispensation, MNCs would not be allowed to abuse market and indulge in unfair trade due to their size and financial muscle.

The Competition Bill, 2001 was passed by a voice vote after Finance Minister Jaswant Singh assured the House that the new measure was aimed at promoting investment and competition and would enable Indian companies to grow in size to become world-class entities.

Responding to the suggestions relating to selection procedure for the proposed Competition Commission of India (CCI), Singh said government would not keep the ministers in the selection committee in deference to recommendations made by the Standing Committee.

"We will frame rules for the selection committee and make it as broad based as possible," he said adding he personally favoured barring Chairperson and members from taking any employment with an adjudicated company after their tenure with CCI.

Stating that the proposed CCI would be a quasi-judicial body and a regulator like Telecom Regulatory Authority (TRAI) and Insurance Regulatory and Development Authority (IRDA), he said government would vest powers to issue policy guidelines including in cases where there was any clash of interest between two regulators.

PTI