In India, which of the following review the independent regulators in sectors like telecommunications, insurance electricity, etc. ?

1. Ad Hoc Committee set up by the Parliament

2. Parliamentary Department Related Standing Committee

3. Finance Commission

4. Financial Sector Legislative Reforms Commission

5. NITI Aayog

Select the correct answer using the code given below.

The correct answer is 1 and 2 only.

Step-by-Step Breakdown:

1. Ad Hoc Committees set up by the Parliament:
Parliamentary committees can be categorized into Standing Committees and Ad Hoc Committees. Parliament often constitutes Ad Hoc (temporary) committees to examine specific issues, investigate matters, or review policies and independent regulatory bodies in sectors such as telecommunications, insurance, and electricity.

2. Parliamentary Department-Related Standing Committees:
Departmentally Related Standing Committees (DRSCs) of Parliament review the functioning, legislation, policy oversight, and budgetary allocations of various ministries and their statutory bodies, including independent regulators.

3. Finance Commission:
The Finance Commission is a constitutional body established under Article 280 of the Constitution of India primarily to recommend the distribution of financial resources (tax proceeds) between the Union and the States. It does not review the functioning of independent sector regulators.

4. Financial Sector Legislative Reforms Commission (FSLRC):
The FSLRC was a body set up by the Government of India in 2011 to review and rewrite financial sector laws. It was a one-time reform commission rather than a body that regularly reviews independent regulators in sectors like telecommunications, electricity, or insurance.

5. NITI Aayog:
NITI Aayog is a policy think tank of the Government of India providing strategic advice and direction. It does not possess a statutory mandate to review or exercise oversight over independent regulatory authorities.

Therefore, among the options provided, only statements 1 and 2 represent mechanisms/bodies that review independent regulators in these sectors in India.