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REGULATORY AUTHORITIES IN INDIA
Contents
1. Introduction
1.1. Background
1.2. Need for Regulation
(i) Prevention of Market Failure
(iii) To promote the public interest
2. Regulation in India
2.1. Evolution of Regulation in India
2.2. Types of Regulation in India
(i) Economic Regulation
(ii) Regulation in the Public Interest
(iii) Environmental Regulation
2.3. Categories of Regulators in India
2.3.1. Statutory Independent Regulatory Agencies
2.3.2. Self Regulatory Authorities
2.4. Issues Related to Regulation in India
2.4.1. Administrative Incoherence
2.4.2. Structural Weakness
2.4.3. Design of the regulatory bodies
2.4.4. Outdated Legal Framework
2.4.5 Not aligned to global standards
2.5. Important Regulatory Bodies
2.5.1. Reserve Bank of India
2.5.2. Securities and Exchange Board of India
2.5.3. Insurance Regulatory and Development Authority
2.5.4. Competition Commission of India
2.5.5. Telecom Regulatory Authority of India (TRAI)
2.5.6. National Pharmaceuticals Pricing Authority National Pharmaceutical Pricing Authority
2.5.7. Insolvency and Bankruptcy Board of India
2.5.8. Atomic Energy Regulatory Board
2.5.9. Central Electricity Regulatory Board
2.5.10. Food Safety and Standard Authority of India
2.6. Interaction between Policy Makers and Regulators and its Current Status
2.7. Participation of Stakeholders in the Regulatory Process
2.8. Competition Authority vs. Sector Regulators
2.9. Regulatory Authorities: Consumer Redress
2.10. Regulatory Coherence in India
3. Fiscal Sector Legislative Reforms Commission (FSLRC)
Background:
Analysis by FSLRC
3.2. Recommendation with Regards to Accountability
4. Recommendations of 2nd ARC
ii. Regulation to be effective:
iii. Self-regulation is the best form of regulation:
iv. Regulatory procedures to be simple, transparent and citizen friendly:
5. Single Super-Regulator vs. Multiple Regulators
5.1. Arguments in favor of Unified Supervision
5.2. Arguments against Unified Regulation
6. Future Course of Action
7. UPSC Previous Years Questions
8. Test Series Questions
1. “To ensure that banks give adequate attention to Financial Inclusion, they must view it as a viable business proposition rather than a regulatory obligation”. In this context, discuss the challenges faced in Financial Inclusion in India with special reference to Nachiket Mor Committee recommendations.
Answer:
2. The Press Council of India is a statutory, quasi-judicial body which acts as a watchdog of the press. But it has not been able to fulfil its mandate. Discuss.
Answer:
Requirement of PCI:
3. "India lacks an independent nuclear regulatory mechanism with the mandate to ensure high standards of safety and security at civilian nuclear facilities." In the light of the above statement examine the prevalent nuclear regulatory mechanism in India. How far can an independent body like Nuclear Safety Regulatory Authority address this issue?
Answer:
4. A generational shift in railway operations is required. In light of this, discuss the need for an independent tariff and safety regulatory authority of India.
Answer:
5. Review of performance should be a key factor in revising compensation. In this context, critically discuss the practice of appointing pay commissions every ten years to suggest salary revisions for government staff.
Answer:
Other concerning issues:
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