The current affairs play an important role in the UPSC IAS Exam. The UPSC IAS Exam is conducted in three stages. From the UPSC IAS Prelims to interview, it has a crucial role. It always overlaps with the core subjects like Polity, Economy, Geography, Indian History, and General science. If you want to crack the three stages of UPSC, you have to master in both the conventional areas and current affairs.
Aspirants would find this article very helpful while preparing for the IAS Exam.
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There are a lot of regulatory bodies in India. These bodies have a significant role in structuring various sectors. Every sector in India has its own regulatory bodies. This is an important topic in UPSC IAS prelims examination.
Here we are giving the consolidated list of major regulatory bodies in India and their function. This will help your UPSC IAS Prelims preparation.
|Regulatory bodies in India||Sector||Functions|
|Telecom Regulatory Authority of India – TRAI||Telecommunication and Tariffs||To make regulations to ease competition and enhance the efficiency in the operation of telecommunication services|
|Competition Commission of India (CCI)||Company affairs||To protect the interest of consumers, prevent some practices having harmful effect on competition|
|Securities and Exchange Board of India||Securities (Stock) and Capital Market||To safeguard the interests of investors and to regulate the securities market.|
|Food Safety and Standards Authority of India (FSSAI)
|Food industry||To ensure the food quality, to watch and regulate the processing, manufacture, distribution, sale and import of food.|
|Medical Council of India||Medical education||To regulate and set up high and uniform standards of medical education|
|Reserve Bank of India (RBI)
|Banking and Monetary regulations||It executes multiple functions as a custodian to regulate all the banking and the monetary function in country|
|Insurance Regulatory & Development Authority of India – IRDAI
|Insurance||To regulate and enhance insurance business and reinsurance business in India.|
|National Bank for Agriculture and Rural Development (NABARD)
|Financing Rural Development||Functions as a supreme body for catering the credit needs of all types of rural development
|Central Board of Film Certification (CBFC)
|Certification and Censorship||To regulate and monitor the public exhibition of movies.|
|Pension Fund Regulatory and Development Authority
|Pension and welfare||To regulate promote and develop the pension sector in the country.|
Functions of Regulatory Bodies
The main functions of the regulatory body are typically identified as follows:
- Regulations and guides
- Review and assessment
- Corrective actions
Challenges Associated with Regulatory Bodies in India
- Populist pressure: In India political populism often overtakes the economic agenda. This casts a shadow on regulation. There are constant interferences in the functioning of regulatory bodies by the ruling political parties such as government interventions in the RBI functioning.
- Inefficient review mechanism: The review mechanism of the functioning of the regulatory bodies under the aegis of parliamentary committees is not very robust.
- Selection of non-experts: The selection of non-experts to lead the regulatory bodies may bring a lack of efficiency in the functioning of such bodies. Recently, this issue was raised when the former Finance secretary was appointed as RBI chairman.
- Overlapping of Powers – The presence of many regulatory bodies causes overlapping of powers. Such as –
- Environment- Central Pollution Control Board (CPCB) and National GreenTribunal (NGT).
- The controversy between Security and Exchange Board of India – SEBI and Insurance Regulatory & Development Authority of India – IRDAI over Unit Linked Insurance Policy.
- Aspirants can go through the list of Insurance companies in India on the link page.
- Education sector- All India Council for Technical Education (AICTE) and University Grants Commission (UGC).
- Recommendations made by Regulatory Authorities are rarely implemented.
Candidates can find the general pattern of the UPSC Civil Service Exam by visiting the IAS Syllabus page.
FAQ about Glimpse Of Regulatory Bodies In India
How do regulatory bodies work?
What is the difference between statutory body and regulatory body?
For more information on the various regulatory bodies in India, visit the below given relevant links.