Regulatory Bodies in India, List, Functions, UPSC PYQs

Regulatory bodies in India play a crucial role in ensuring the smooth functioning of various sectors like finance, education, healthcare, etc. These autonomous or government-appointed organisations are responsible for monitoring and regulating activities in specific industries.

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What is a Regulatory Body?

1. Statutory Regulatory Authorities : These are regulatory bodies that are created through legislation or statutes passed by the government. For example, the Food Safety and Standards Authority of India (FSSAI).
2. Self-Regulatory Authorities : These are industry-specific bodies that are not directly created by the government but are established under different laws by the industry or sector itself. For example, the Bar Council of India (BCI).

List of Regulatory Bodies in India

Financial Sector

1. Reserve Bank of India (RBI) : Founded in 1935, the RBI manages India's monetary policy and regulates the banking sector.
2. Securities and Exchange Board of India (SEBI) : Established in 1988, SEBI monitors and regulates India’s securities market to protect investor interests.
3. Insurance Regulatory and Development Authority of India (IRDAI) : Set up in 1999, IRDAI promotes the orderly growth of the insurance industry.
4. Pension Fund Regulatory and Development Authority (PFRDA): Founded in 2003, PFRDA regulates and promotes the pension sector, including the National Pension System (NPS).

Education Sector

1. University Grants Commission (UGC): Established in 1956, UGC coordinates and determines standards of higher education.
2. National Council for Teacher Education (NCTE): Formed in 1993, NCTE regulates teacher education programs in India.
3. National Council of Educational Research and Training (NCERT): Founded in 1961, NCERT develops school curricula and textbooks across the country.
4. All India Council for Technical Education (AICTE): Established in 1987, AICTE oversees the quality of technical education in India.

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Communication and Media

1. Telecom Regulatory Authority of India (TRAI) : Formed in 1997, TRAI governs telecom and digital communications in India.
2. Press Council of India (PCI): Set up in 1966, PCI safeguards press freedom while maintaining ethics.
3. Central Board of Film Certification (CBFC): Popularly known as the Censor Board, CBFC certifies films for public exhibition in India.
4. Advertising Standards Council of India (ASCI): Established in 1985, ASCI ensures ethical advertising practices.

Environment

1. Central Pollution Control Board (CPCB): Founded in 1974, CPCB monitors and controls pollution levels across India.
2. National Biodiversity Authority (NBA): Established in 2003, the NBA promotes the conservation of India’s rich biodiversity.
3. Central Ground Water Authority (CGWA): Oversees the sustainable use of groundwater resources, especially in water-stressed regions.
4. National Green Tribunal (NGT): Established in 2010, the NGT adjudicates environmental disputes and enforces laws.

Health Sector

1. Ministry of Health and Family Welfare (MoHFW): Responsible for formulating and implementing health policies and programs in India.
2. Food Safety and Standards Authority of India (FSSAI): Formed in 2006, FSSAI ensures food safety and regulates its quality across India.
3. National Medical Commission (NMC): Replacing the Medical Council of India in 2020, NMC oversees medical education and practice.
4. Central Drugs Standard Control Organisation (CDSCO): It is India’s national drug regulatory authority, responsible for approving new drugs and clinical trials.

Other

1. Competition Commission of India (CCI) : Established in 2003, CCI ensures fair competition in the Indian market.
2. National Bank for Agricultural and Rural Development (NABARD): Founded in 1982, NABARD supports rural development through credit and infrastructure financing.
3. National Pharmaceuticals Pricing Authority (NPPA): Formed in 1997, NPPA regulates the prices of essential medicines in India.
4. Bar Council of India (BCI): Established under the Advocates Act of 1961, BCI regulates the legal profession and legal education in India.
5. Petroleum and Natural Gas Regulatory Board (PNGRB): Formed in 2006, PNGRB regulates the distribution of petroleum and natural gas in India.

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Functions of Regulatory Bodies in India

• Policy Formulation and Implementation: Regulatory authorities draft policies for their respective sectors and ensure these are implemented effectively. For instance, the RBI formulates monetary policies to control inflation and stabilise the economy.
• Issuing Licences and Accreditations: Bodies like IRDAI and TRAI issue licences to companies, ensuring that only credible organisations operate in the market.
• Monitoring and Supervision: Regulatory bodies continuously monitor activities in their sectors to prevent illegal practices, such as insider trading in the stock market (regulated by SEBI).
• Consumer Protection: One of their key objectives is to protect consumer rights. For example, the FSSAI ensures the availability of safe and hygienic food.
• Imposing Penalties: Regulators such as RBI have the power to penalise entities violating rules. This maintains discipline and accountability across industries.
• Promoting Fair Practices: Authorities like the CCI work to prevent monopolistic practices and promote healthy competition in the market.