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 Commissio

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Q: 19 (IAS/2019)
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.

question_subject: 

Polity

question_exam: 

IAS

stats: 

0,179,119,179,40,25,54

keywords: 

{'financial sector legislative reforms commission': [0, 0, 0, 1], 'independent regulators': [0, 0, 0, 1], 'finance commission': [8, 1, 3, 1], 'parliamentary department related standing committees': [0, 0, 0, 1], 'india': [8, 1, 7, 13], 'telecommunications': [0, 0, 0, 3], 'review': [0, 0, 2, 2], 'ad hoc committees': [0, 0, 0, 1], 'parliament': [15, 1, 3, 8], 'sectors': [0, 0, 1, 1]}

In India, review of independent regulators in sectors such as telecommunications, insurance, electricity, etc., is done by the `Ad Hoc Committees` set up by the Parliament and the `Parliamentary Department Related Standing Committees`.

Ad Hoc Committees, as the name indicates, are temporary, created for a specific task and cease to exist upon completion of that task. They can take up investigative or regulatory reviews.

Parliamentary Department Related Standing Committees are permanent committees, constituted to deal with the demands for grants of the various Ministries/Departments of the Government. They also examine bills pertained to their ministries and provide oversight for regulators in the relevant sectors.

The Finance Commission, option 3, is primarily tasked with distribution of taxes between the center and states, and does not review independent regulators.

The Financial Sector Legislative Reforms Commission, option 4, was set to rewrite and harmonise financial sector legislations, rules and regulations. This does not include reviewing functional aspects of independent regulators.

NITI Aayog (National Institution for Transforming India), option 5, is a policy think tank of the Indian government, it does not conduct reviews of independent regulators. Hence, option 1 is correct.