Official Answer Key & Detailed Solution
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Correct Answer: Option (B) — 2 and 3 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is incorrect: PNGRB was constituted under the PNGRB Act, 2006. Several statutory regulatory bodies existed much earlier, such as SEBI (1992), TRAI (1997), and CERC (1998).
Statement 2 is correct: The mandate of PNGRB includes fostering fair trade and competition among entities, protecting consumer interests, and regulating refining, processing, storage, transportation, distribution, marketing, and sale of petroleum products and natural gas.
Statement 3 is correct: Under Section 30 of the PNGRB Act, 2006, the Appellate Tribunal for Electricity (APTEL) acts as the designated appellate authority hearing appeals against PNGRB orders.
Statement 1 claims PNGRB (2006) was the 'first' regulatory body set up by GoI—a historical extreme claim that is easily eliminated knowing older bodies like SEBI/TRAI.
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