Q. In India, which of the following bodies/mechanisms review the functioning of independent regulators like PFRDA, IBBI, AERA, and PNGRB?
1.Ad Hoc Committees appointed by the Parliament.
2.Parliamentary Standing Committees.
3.NITI Aayog.
4.Financial Sector Legislative Reforms Commission (FSLRC).
5.Finance Commission.
Select the correct answer using the code given below:
Answer: A
Notes:
Explanation: Statutory regulators are primarily reviewed by the Parliament through its Standing Committees and occasionally by Ad Hoc Committees. NITI Aayog is a policy think tank, and the Finance Commission deals with tax revenue distribution.
Key Independent Regulators in India:
- Finance & Markets: Reserve Bank of India (RBI) (Banking), Securities and Exchange Board of India (SEBI) (Capital Markets), Insurance Regulatory and Development Authority of India (IRDAI) (Insurance), Pension Fund Regulatory and Development Authority (PFRDA) (Pension), Insolvency and Bankruptcy Board of India (IBBI).
- Infrastructure & Utilities: Telecom Regulatory Authority of India (TRAI) (Telecom), Central Electricity Regulatory Commission (CERC) (Electricity), Airports Economic Regulatory Authority of India (AERA), Petroleum & Natural Gas Regulatory Board (PNGRB).
- General Regulation: Competition Commission of India (CCI) (Monopolies), Food Safety and Standards Authority of India (FSSAI) (Food Safety), Directorate General of Civil Aviation (DGCA) (Aviation).
