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:
Explanation
Option A is correct: Legislative oversight of statutory independent regulators (such as TRAI, IRDAI, and CERC) is conducted through Parliament:
– 2. Department Related Standing Committees (DRSCs): Examine the working, annual reports, and budgetary grants of sectoral regulators attached to their respective administrative ministries (e.g., Standing Committee on Communications reviewing TRAI).
– 1. Ad Hoc Parliamentary Committees: Joint Parliamentary Committees (JPCs) or Select Committees set up for specific issues (such as the 2G spectrum allocation or stock market scams) scrutinize regulatory decisions.
– 3, 4, and 5 are incorrect: The Finance Commission (Article 280) is a constitutional body for tax devolution, FSLRC was a temporary commission proposing financial reforms, and NITI Aayog is an executive policy think-tank; none conduct formal legislative oversight review of statutory regulators.
Hence, the correct answer is 1 and 2 — Option A.