Correct Option
Independent regulators in India, such as those in telecommunications, insurance, and electricity, are primarily subject to review by parliamentary committees. These mechanisms ensure accountability and oversight of their functioning.
- Ad Hoc Committees set up by the Parliament are temporary committees constituted for specific purposes, which can include examining the performance, policies, or specific issues related to regulatory bodies.
- Parliamentary Department Related Standing Committees (DRSCs) are permanent committees aligned with various ministries. They scrutinize the demands for grants, bills, and the working of ministries and their associated organizations, including independent regulators falling under their purview. This includes reviewing their policy implementation, budgetary allocations, and overall performance.
Incorrect Options
- The Finance Commission is a constitutional body established under Article 280. Its primary function is to recommend the distribution of tax revenues between the Union and states, and among states, not to review the functioning of sectoral regulators.
- The Financial Sector Legislative Reforms Commission (FSLRC) was an expert committee constituted in 2011 with a specific, time-bound mandate to review and rewrite the legal framework for the Indian financial sector. It submitted its report in 2013 and was not tasked with ongoing review of independent regulators across various sectors.
- NITI Aayog (National Institution for Transforming India) is a policy think tank of the Government of India. It provides strategic and technical advice to the central and state governments on policy matters but does not have a formal mandate to review the independent functioning of sectoral regulators.