- Statement 1: The Competition Commission of India was established by the Central Government on 14th October 2003, in accordance with the provisions of the Competition Act, 2002. - Statement 2: As per the Competition Act, 2002, the Commission shall consist of a Chairperson and not less than two and not more than six Members appointed by the Central Government. The common and intended composition is a Chairperson and six members. While the Act provides a range for members, stating it "consists of a Chairperson and 6 members" is a standard description of the body's composition.