Official Answer Key & Detailed Solution
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Correct Answer: Option (A) — 1 and 2
Concept & Option Breakdown
Standard Reference VerifiedStatements 1 and 2 are correct: Parliamentary Department-Related Standing Committees and Ad Hoc Parliamentary Committees examine and review the functioning and annual reports of independent sectoral regulators (e.g., TRAI, IRDAI, CERC). Statement 3 is incorrect: The Finance Commission's constitutional mandate under Article 280 is the distribution of net tax proceeds between Union and States and determining grant-in-aid principles, not reviewing sectoral regulators. Statement 4 is incorrect: The FSLRC was a temporary committee constituted in 2011 to recommend financial law reforms, not an ongoing body reviewing regulators. Statement 5 is incorrect: NITI Aayog is a policy think tank and does not have statutory oversight or regulatory review mandates over independent regulators.
Eliminate bodies whose primary constitutional or institutional mandates clearly do not match ongoing regulatory oversight (e.g., Finance Commission and NITI Aayog).
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