The government has set up a panel to review the competition law, an official release said on Sunday.

The committee will review “the Competition Act/ rules/ regulations, in view of the changing business environment and bring necessary changes, if required”, the release said.

The nine-member committee, chaired by corporate affairs secretary Injeti Srinivas, includes Insolvency and Bankruptcy Board of India (IBBI) chairperson M. S. Sahoo and Competition Commission of India chairperson.

At present, Sudhir Mittal is the acting chairperson of the Competition Commission of India.

Announcing the setting up of the Competition Law Review Committee, the government said it was in pursuance of its objective of ensuring that the legislation was in sync with the needs of strong economic fundamentals.

The committee will also look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues.

Further, it would study “the regulatory regimes/ institutional mechanisms/ government policies which overlap with the Competition Act”, the release said.

The committee will submit its report within three months from the date of its first meeting.