Regulatory Authorities in India

Regulatory Authorities are government-created institutions that regulate, supervise, and govern diverse industries like insurance, finance, education, and healthcare. Each sector in India has its Regulatory Authority. They may be independent or act under executive supervision. For example, food safety is the responsibility of the FSSAI, just as financing of rural development is the responsibility of the NABARD. Telecom Regulatory Authority of India (TRAI), National Housing Bank (NBH), National Green Tribunal (NGT), and others are instances of regulatory entities.

What is a Regulatory Authority?

In a regulatory or supervisory role, a Regulatory Authority of India is a public entity or governmental body accountable for exercising independent control over specific areas of human activity. They are in place to ensure that safety and norms are adhered to.

List of Significant Regulatory Bodies In India

At present, there are many regulatory agencies in our country. However, below is the list of essential regulators of India.

Apart from the above fifteen important regulators of our country, there are several other regulatory agencies as well, such as:

• Atomic Energy Regulatory Board (AERB)
• Insolvency and Bankruptcy Board of India (IBBI)
• Central Drugs Standard Control Organisation (CDSCO)
• Project Exports Promotion Council of India (PEPC)
• Organisation of Plastic Processors of India (OPPI)
• Manufacturers’ Association for Information Technology (MAIT)
• Indian Stainless Steel Development Association (ISSDA)
• Indian Chemical Council (ICC)
• Association of Mutual Funds in India (AMFI)
• Pension Fund Regulatory and Development Authority (PFRDA)
• Advertising Standards Council of India (ASCI)
• Express Industry Council of India (EICI)
• Engineering Export Promotion Council of India (EEPC)
• Federation of Indian Export Organisation (FIEO)
• Indian National Shipowners’ Association (INSA)

Functions of Regulatory Authorities

A Regulatory Authority is a government entity or agency accountable for implementing the rules and regulations in various sectors. It is among its functions to apply norms, restrictions, or limitations, establish the standard for operations, and enforce or ensure conformance in these areas. The following are the primary responsibilities of a regulatory authority.

• Remedial measures
• Regulations and instructions
• Review and evaluation
• Enforcement
• Licensing/Inspection
• Guarantee that the market is fair and transparent, especially after liberalisation.
• Provides private investment with functional autonomy and protects them from any intrusion.

Importance of Regulatory Authorities

• The Indian economy was spared the effects of the global financial crisis owing to the RBI’s, SEBI’s, and IRDAI’s strict foreign investor regulations
• The TRAI has safeguarded customers from profit-driven cell phone companies
• The strict monetary policy of the RBI has allowed it to battle inflation
• The CCI has aided in dismantling the cement mafia, who purposely maintained high prices and restricted competition

Conclusion

A Regulatory Authority forms the structure of the society we live in. It assists us in managing our activities by imposing strict rules and regulations. The Regulators have supervisory control over several sectors of human activity. These regulatory bodies have many names, such as Regulators, Regulatory Authorities, and Regulatory Agencies. There are many Regulatory bodies in India. The article includes a list of a few major regulatory agencies and their principal function.

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