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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.
| S.NO | Regulatory Authority | Area | Activities | |
| 1. | NABARD (National Bank for Agricultural and Rural Development) | Financing of rural development | To build a financially strong rural India by financing, refinancing, planning, and monitoring rural development. | |
| 2. | SEBI (Securities and Exchange Board of India) | Securities and stock market | The securities market must be controlled, and the interest and rights of the investors must be safeguarded. | |
| 3. | RBI (Reserve Bank of India) | Banking, Finance, and Monetary policy | Among other responsibilities, RBI regulates all banking and financial operations. | |
| 4. | TRAI (Telecom Regulatory Authority of India) | Telecommunication | To introduce rules and norms to boost the efficiency and flexibility in delivering telecom services. | |
| 5. | IRDAI (Insurance Regulatory and Development Authority of India) | Insurance | Monitoring and development of the insurance and reinsurance sector of India. | |
| 6. | SIDBI (Small Industries Development Bank of India) | Financing small, medium, or microscale industries | To provide a loan or financial aid to small and micro industries in India for their development. | |
| 7. | NHB (National Housing Bank) | Housing finances | To finance housing developments, either nationally or at the regional level. | |
| 8. | CBFC (Central Board of Film Certification) | TV/Film certification, censorship | To certify films that are publicly exhibited. | |
| 9. | FSSAI (Food Safety and Standards Authority of India) | Food and beverage | To ensure food safety, the processing, production, distribution, marketing of foodstuff are all controlled and monitored. | |
| 10. | FSDC (Financial Stability and Development Council) | Financial sector development | It deals with the financial rules and regulations in the financial sector of India. | |
| 11. | BIS (Bureau of Indian Standards) | Certification and standards | To develop and establish product standards, thus aiding the economy by supplying high-quality commodities. | |
| 12. | BCCI (Board of Control for Cricket in India) | Cricket | To control, monitor, and enhance the standards of cricket in India. It is also responsible for protecting the values of the sport. | |
| 13. | NASSCOM (National Association of Software and Service Companies) | Information Technology | To make the trade in software and services more flexible, and also support the development of software technology. | |
| 14. | National Green Tribunal | Law | To effectively and timely resolve issues related to environmental preservation and forest conservation. It also deals with recovering damages to an individual or property due to environmental law violations. | |
| 15. | CCI (Competition Commission of India) | Competition | To promote healthy competition and flexibility of trade in the Indian market. It is also responsible for minimising practices that have a negative impact on competition. |
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.
Important Pages
| UPSC Question paper 2022 | UPSC Question paper 2020 |
| UPSC Question paper 2019 | UPSC Syllabus pdf download |
