In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.? I. Ad Hoc Committees set up by the Parliament II. Parliamentary Department Related Standing Committees III. Finance Commission IV. Financial Sector Legislative Reforms Commission V. NITI Aayog Select the correct answer using the code given below.

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CollectorBabu · Accepted Answer

Correct Answer: 1 and 2. Only statements 1 and 2 are correct. Finance commission looks after the sharing of taxes between centre and state governments and amongst state governments. The Financial Sector Legislative Reforms Commission (FSLRC), constituted by the Ministry of Finance in March 2011, was asked to comprehensively review and redraw the legislations governing India’s financial system. Both the bodies don’t review independent regulators. NITI Aayog too formed via executive body is more of a think-tank rather than a review body.

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