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
Statement 1 is Correct: Ad Hoc Committees are temporary committees established by Parliament for specific purposes, such as investigating irregularities or reviewing the functioning of specific regulatory bodies through Joint Parliamentary Committees (JPCs).
Statement 2 is Correct: Parliamentary Department Related Standing Committees (DRSCs) ensure executive accountability by reviewing the annual reports, budgetary allocations, and overall performance of statutory regulators falling under their respective ministries.
Statement 3 is Incorrect: The Finance Commission is a constitutional body under Article 280 primarily responsible for recommending the distribution of financial resources (tax proceeds) between the Union and the States.
Statement 4 is Incorrect: The Financial Sector Legislative Reforms Commission (FSLRC) was an ad hoc body set up to review and rewrite the legal-institutional framework of the financial sector; it does not perform ongoing reviews of sectoral regulators.
Statement 5 is Incorrect: NITI Aayog is a policy think tank that provides strategic and technical advice to the government; it lacks the statutory mandate to formally review or oversee the functioning of independent regulators.