The government has extended the tenure of Sangeeta Verma as acting Chairperson of the Competition Commission of India (CCI) and has initiated the process of appointing three new members at the competition regulator.
The competition regulator at present is working with only two members. A quorum of three members is needed for approval of combinations and mergers and acquisitions by the CCI. India Inc and some law firms have expressed concerns about transactions worth over $1 billion being stuck for want of regulatory nod.
Verma will be the acting Chairperson of CCI “until the date on which new Chairperson is appointed or till any further orders in this regard”, said the ministry of corporate affairs.
She was initially appointed as the acting Chairperson of CCI on October 25, 2022 for a three-month period or until a new Chairperson was appointed after the previous Chairperson Ashok Kumar Gupta demitted office.
A 1981 batch officer of the Indian Economic Service, Verma was appointed as a Member of the CCI in December 2018.
The other member- Bhagwant Singh Bishnoi, who was appointed in July 2019 for a five year period, will retire later this year.
The ministry has now invited applications for posts of three members in the CCI. The last date for applications is March 3.