The Commission is a corporate body which have a perpetual power and is subject to the provisions of this Act to acquire, hold, dispose of property which are both movable and/or immovable. The head office of the Commission is decided by the central Government from time to time and commission have various offices established in other parts of the country.
The Commission consists of a Chairperson and not less than two and not more than six members who are appointed by the Central Government. The Chairperson and other members are whole-time members of the commission.
The Chairperson and every other Member of the commission is a person of ability, integrity and standing and have special knowledge and professional experience of not less than fifteen years in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affair, or competition matters including
The Chairperson and other members of the Commission are appointed by the Central Government from a panel of names as recommended by the Selection Committee as below --
1. The Chief Justice of India or his nominee for Chairperson.
2. The Secretary in the Ministry of Corporate Affairs for the member
3. The Secretary in the Ministry of Law and Justice for the member
4. Two experts of repute who have special knowledge and professional experience in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs, or competition matters including competition law and policy for the member of the committee.
The Chairperson and every other member of the commission shall hold office for a term of five years from the date of appointment and is eligible for re-appointment. However, the Chairperson or any other member should not be of age more than sixty-five years while appointment.
Any vacancy which is caused by resignation or removal or death will be fulfilled by a fresh appointment in accordance to the provisions of section 9 of this act.
The Chairperson and every other member must take an oath of the office and of secrecy in in front of authority as prescribed.
In event of vacancy of Chairperson because of his death, resignation or otherwise, the senior-most member of the commission shall Act as Chairperson until the new Chairperson is appointed and enters the office. Same is when the Chairperson is unable to discharge his function due to illness or any other cause than the senior-most members shall discharge the functions of that Chairperson until he dates on which the Chairperson resumes the charge of his functions.