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Statutory Body (Regulatory Bodies)
Statutory Body (Regulatory Bodies)
These are independent governmental bodies established by the government in order to set standards
in a specific field of activity, or operations and then to enforce those standards.
Regulatory agencies may or may not function outside direct executive supervision.
3. Selection of non-experts
Selection of non-experts to lead regulatory organizations may result in inefficiency in their operations.
For eg. - Former Finance Secretary was named Chairman of the Reserve Bank of India.
5. No regular audit
Audit of regulatory bodies have never been prioritized by the government. As these bodies do not face
regular audit, they have involved into corruption. Example: Medical Council of India.
6. Financial problems
All the regulatory bodies are dependent on budgetary resources for their day to day functioning.
Government through the budgetary provisions interferes in the functioning of these bodies.
7. Overlapping of Powers
Presence of numerous regulatory organizations results in power overlapping.
Environment - CPCB & National NGT
Education - AICTE & UGC
2. Genuine functional autonomy would also have to be reinforced with financial autonomy by putting
in place a system where regulatory organisations are not dependent on government departments
for financial support.
3. Functional autonomy without corresponding accountability is a sure recipe for chaos. Thus, there is
a need to make sure such bodies imbibe the ethos of transparency and accountability in the
functioning of the bodies.
4. The appointment of persons to head regulatory organisations should be attempted in a far more
transparent manner.
5. Many countries have adopted techniques like “Regulatory Impact Assessments”. India can also
mandate such techniques through legislation and thereby preserve economic value.
REGULATORY BODIES IN INDIA
- Refer Current Affair & Read only those Regulatory Bodies which are in News .