State the composition, duties, powers and functions of Competition Commission of India under Competition Act, 2002.

The composition of the Competition Commission of India (CCI) as spelled out under Section 8 of the Competition Act, 2002 consists of a Chairperson and not less than two and not more than six other Members. The Chairperson and the Members are to be appointed by the Central Government. Regarding the qualifications of the Chairman and other Members. Section 8(2) provides that they shall be person of ability, integrity and standing and who has special knowledge of and such professional experience of not less than fifteen years in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs or competition matters including competition law and policy which in the opinion of the Central Government, may be useful to the commission. Chapter IV of the Competition Act, 2002 containing Section 18 to 39 deals with Duties, Powers and Functions of the Competition Commission of India (CCI). As per Section 18 of the Competition Act, 2002 duties of the Competition Commission of India are:- to eliminate practices having adverse effect on competition; to promote and sustain competition; to protect interests of consumers and to ensure freedom of trade carried on by other participants, in markets in India. Section 18 empowers the Commission to enter into any memorandum or arrangement, with the prior approval of the Central Government, for the purpose of discharging the duties and functions under the Act with any agency of any foreign country. This will enable the CCI to have extra territorial reach and shall facilitate exchange of information and enforcement of its order. Section 19 and Section 20 of the Act empower the Commission may inquire into any alleged contravention of the provisions contained in section 3(Anti-competitive Agreement) or section 4(Abuse of Dominant position) and inquiry into combination. The Competition Commission of India empowers to issue Orders after inquiry into agreements or abuse of dominant position and combination and also impose penalty.