The Bangladesh Competition Commission (BCC) is expected to start functioning from next month as the appointment of its chairperson and members is now at the final stage, officials said.
The Ministry of Commerce (MoC) is about to complete the process for appointing the key figures of the commission that is designed to prohibit anti-competitive activities and market syndication for ensuring a healthy business environment and consumer benefits.
"We are set to finalise appointment of chairperson and other members of the commission by the current month. We hope the commission will start functioning from next month," senior secretary of the MoC Hedayetullah Al Mamoon told the FE.
The government on June 2012 enacted the 'Competition Act 2012' to prevent, control and eradicate collusion, monopoly and oligopoly, abuse of dominant position in the market and other anti-competitive practices.
In Bangladesh, price hikes are usually artificially created by some profit-mongering traders and business conglomerates to control and manipulate commodity markets in their narrow interests.
The Act will encourage and ensure competitive business environment to help promote economic development of Bangladesh.
Mr Mamoon said once the BCC starts functioning, it will take effective steps in line with the Act to help give the consumers a relief from manipulation in the market.
The BCC will implement the objectives of the Act. It will be a statutory body. The powers of the commission will be similar to that of civil courts in the country. The chairperson or the members of the BCC could apply such power that a civil court applies under the Code of Civil Procedure, 1908 (Act V of 1908).
The responsibilities, powers and functions of the BCC are to eradicate any practice which puts an adverse effect on competition in the market and to encourage and maintain healthy competition.
It could carry out investigation a complaint or at its own initiative, all agreements, dominant positions or practices which impede competition and conduct investigation against any case for crimes committed under the Act.
It will help the government to implement rules, guidelines, directions or administrative directions regarding market competition and curbing syndication and to raise awareness on issues relating to competition among the stakeholders.
The businessmen of the country welcomed the government initiative for recruitment of key-figures of the BCC and its operation.
President of the Federation of Bangladesh Chambers of Commerce and Industry Abdul Matlub Ahmad said the BCC, as per the Act, will take action to curb monopoly of big companies and to protect consumer interests.
"It is a good initiative for us. It is expected to check absolute monopoly of any company and curb market manipulation," he said.
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