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 Parliament2.Parliamentary Department Related Standing Committees3.Finance Commission4.Financial Sector Legislative Reforms Commission5.NITI AayogSelect the correct answer using the code given below

1. A

   1 and 2

   (a) 1 and 2. Parliament reviews independent regulators through ad hoc committees and through department-related standing committees (hearings, demand-for-grants, subject reports). That is the official key.

2. B

   1, 3 and 4

   (b) 1, 3 and 4. The Finance Commission deals with tax devolution, not day-to-day review of TRAI, IRDAI or CERC. FSLRC was a one-time reform commission, not a standing reviewer. This code is not the key.

3. C

   3, 4 and 5

   (c) 3, 4 and 5. Finance Commission, FSLRC and NITI Aayog are not the parliamentary review forums named in the key. Not the key.

4. D

   2 and 5

   (d) 2 and 5. NITI Aayog is a think tank, not a parliamentary reviewer of regulators. Not the key.

Summary. Official key is (a). Oversight of sector regulators is a parliamentary function via standing and ad hoc committees. The Finance Commission, FSLRC and NITI Aayog do not sit as those reviewers. Honour (a).