Q. With reference to quasi-judicial bodies in India, which of the statements given below is correct?
1. They all are established by an act of parliament.
2. They have powers to impose law on administrative agencies.
3. Securities and Exchange Board of India is a quasi-judicial regulatory body.
Select the correct answer using the code given below:
Exp) Option d is the correct answer.
Statement 1 is incorrect. Quasi-judicial bodies can be statutory, regulatory or constitutional in nature. For example, the National Human Rights Commission is a statutory body, while Finance Commission is a constitutional body created under Article 280.
Statement 2 is correct. Quasi-Judicial bodies are institutes which have power similar to law imposing bodies but these are not courts. The courts have the power to supervise over all types of disputes but the quasi-judicial bodies are the ones with the powers of imposing law on administrative agencies.
Statement 3 is correct. Securities and Exchange Board of India is quasi-judicial regulatory body. Its main function is to ensure transparency in the market economy. It also takes judicial measures e.g. punishing in case of violation of rules through fines etc. TRAI and IRDA are also quasi-judicial regulatory bodies.
