A Finance Ministry release said that the committee will review the competition regulations in view of changing business environment and suggest the necessary changes.
Among the panel's mandate is also to look into international best practices in the competition field with a thrust on anti-trust laws, merger guidelines and handling cross-border competition issues.
"In pursuance of its objective of ensuring that legislation is in sync with the needs of strong economic fundamentals, the government has constituted a Competition Law Review Committee to review the Competition Act," it said.
"In this context, it is essential that the Competition Law is strengthened, and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money."
The committee will also study other regulatory regimes, institutional mechanisms and government policies which overlap with the Competition Act.
The committee consists of the Corporate Affairs Secretary, Competition Commision of India Chairperson, the Insolvency and Bankruptcy Board of India Chairperson, Haigreve Khaitan from Khaitan & Co, Shardul Amarchand Mangaldas and Co Advocate Pallavi Shardul Shroff, former IAS officer S. Chakravarthy, Delhi School of Economics Professor Aditya Bhattacharjea and Corporate Affairs Joint Secretary (Competition), the statement said.
The committee will submit its report within three months of the date of its first meeting, it added.
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