In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.?
1. Ad Hoc Committees set up by the Parliament
2. Parliamentary Department Related Standing Committees
3. Finance Commission
4. Financial Sector Legislative Reforms Commission
5. NITI Aayog
Select the correct answer using the code given below.
[amp_mcq option1=”1 and 2″ option2=”1, 3 and 4″ option3=”3, 4 and 5″ option4=”2 and 5″ correct=”option1″]
This question was previously asked in
UPSC IAS – 2019
1. Ad Hoc Committees set up by the Parliament: Parliament can constitute specific ad hoc committees to examine particular issues related to a sector or the functioning of a regulator.
2. Parliamentary Department Related Standing Committees: These committees are permanent committees of Parliament that oversee the functioning of various ministries and departments. Regulators often fall under the purview of specific ministries (e.g., TRAI under Ministry of Communications, IRDAI under Ministry of Finance, CERC/SERCs under Ministry of Power). These Standing Committees review the policy implications, performance, and finances of these regulators as part of their oversight function.
3. Finance Commission: Primarily deals with the distribution of financial resources between the Union and states and other fiscal matters. It does not review the performance of sector-specific independent regulators.
4. Financial Sector Legislative Reforms Commission (FSLRC): This was a specific commission that reviewed the legislative framework of the financial sector and proposed reforms. It was not a body for regular review of individual regulators.
5. NITI Aayog: A government think tank focused on policy and planning. It does not have a mandate for parliamentary oversight or review of independent regulators’ operational aspects.
Therefore, the independent regulators are reviewed by Parliamentary Committees, both standing and sometimes ad hoc.