In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.?
- Ad Hoc Committees set up by the Parliament
- Parliamentary Department Related Standing Committees
- Finance Commission
- Financial Sector Legislative Reforms Commission
- NITI Aayog
Select the correct answer using the code given below:
- 1 and 2
- 1, 3 and 4
- 3, 4 and 5
- 2 and 5
Explanation
Ad Hoc Committees set up by the Parliament are correct
- Parliament may establish ad-hoc committees, which may examine the working of regulators. For instance, the terms of reference of the Joint Parliamentary Committee (JPC) on the allocation of 2G spectrum included the review of the policy on spectrum pricing and grant of telecom licences. Another example of parliamentary oversight through ad hoc committees is the JPC (formed in 2001) ‘s scrutiny of the functioning of SEBI and RBI in the context of the stock market scam.
Parliamentary Department Related Standing Committees is correct
- These committees also review the functioning of independent regulators, examining their performance and suggesting improvements. These committees are ministry-specific and may review the working of regulators within their respective departments.
Finance Commission is incorrect
- The Finance Commission focuses on fiscal matters and transfers between the central and state governments.
Financial Sector Legislative Reforms Commission is incorrect
- The Financial Sector Legislative Reforms Commission (FSLRC), constituted by the Ministry of Finance in March 2011, was asked to comprehensively review and redraw the legislations governing India’s financial system. The FSLRC submitted its report to the Ministry of Finance on March 22, 2013, containing an analysis of the current regulatory architecture and a draft Indian Financial Code to replace the bulk of the existing financial laws.
NITI Aayog is incorrect
- NITI Aayog is a policy think tank that advises the government on various issues, including economic development.
