Rajeev Chandrasekhar's official website - Member of Parliament
GOVERNMENT OF INDIA Ministry of Finance DEPARTMENT OF ECONOMIC AFFAIRSRAJYA SABHA STARRED QUESTION NO. 149 TO BE ANSWERED ON 02nd AUGUST, 2016 Review of Functioning of Independent Regulators*179. SHRI RAJEEV CHANDRASEKHAR:Will the Minister of FINANCE be pleased to state a. whether the Government would consider a proposal to review the functioning of all independent regulators across sectors, If yes details thereof,b. whether the Government has any plans to make the functioning of the independent regulators accountable to the parliament with yearly review of the independent regulators in front of different parliamentary committees, If yes, details thereofc. If no reasons thereofANSWER(a) To (c) A Statement is laid on the Table of the House.STATEMENT IN REPLY TO PARTS (a) to (c) OF RAJYA SABHA STARRED QUESTION NO.*179 FOR ANSWER ON 02nd AUGUST 2016 REGARDING REVIEW OF FUNCTIONING OF INDEPENDENT REGULATORSIndependent regulators have been set-up across under different Acts enacted by the Parliament. These regulators draw their functions and powers as per the provisions of respective Acts. These Acts have been amended from time to time to reflect the changes required in the functioning of the regulators. The concerned statutes provide for submission of annual reports and accounts to the Government in the prescribed form. These reports and accounts, as also the rules and regulations made under the statutes are laid on the table of both the Houses of Parliament.NITI Aayog is working on the Regulator Reforms Bill, an omnibus legislation catering to the generic aspects of regulatory commissions that are related to selection and appointment of members, qualification for appointment of members, term of office and other conditions, removal of member, protection of consumer interests, independence and accountability, etc., which are common to all regulators in the public utility industry, viz., electricity, telecommunications, airports, ports, oil and gas, water supply, etc.