The correct answer is (b). The Insurance Regulatory and Development Authority of India (IRDA) is the regulator for the insurance industry in India. It was established in 1999 to protect the interests of policyholders and to promote the development of the insurance sector in India. The IRDA regulates all aspects of the insurance industry, including the licensing of insurers, the sale of insurance products, and the investment of insurance funds.
The other options are incorrect. The Reserve Bank of India (RBI) is the regulator for the banking sector in India. The Securities and Exchange Board of India (SEBI) is the regulator for the capital market in India. The Ministry of Corporate Affairs (MCA) is the regulator for the issue of shares in India.