Classification

In India, the independent regulators in sectors like telecommunications, insurance, electricity, etc. are reviewed by the Ad Hoc Committees set up by the Parliament and the Parliamentary Department Related Standing Committees. The role of these committees is to ensure that the regulators are performing their duties effectively and in the best interest of the public. The Finance Commission, Financial Sector Legislative Reforms Commission, and NITI Aayog do not have the mandate to review the independent regulators. Hence, only 1 and 2 are the correct option codes.