Which regulatory body has a 'Consumer Education and Protection Fund'?
Explanation: IRDAI maintains this fund to promote policyholder awareness and protect their interests.
Which body is the 'Architect of the Aadhaar project'?
Explanation: The Unique Identification Authority of India (UIDAI) was created specifically to issue Aadhaar numbers and manage the database.
Which body was established to replace the 'Controller of Capital Issues'?
Explanation: SEBI replaced the Controller of Capital Issues, which derived authority from the Capital Issues (Control) Act, 1947.
Who was the first woman Chairperson of SEBI?
- Arundhati Bhattacharya
- Nirmala Sitharaman
- Chitra Ramkrishna
- Madhabi Puri Buch
Explanation: Madhabi Puri Buch was appointed as the first female Chairperson of the Securities and Exchange Board of India (SEBI) in 2022.
The Food Safety and Standards Authority of India (FSSAI) falls under which Ministry?
- Ministry of Food Processing Industries
- Ministry of Agriculture
- Ministry of Consumer Affairs
- Ministry of Health and Family Welfare
Explanation: FSSAI is a statutory body established under the Food Safety and Standards Act, 2006, under the Ministry of Health.
Which body was established under the 'Protection of Plant Varieties and Farmers' Rights Act, 2001'?
- PPV&FRA
- FSSAI
- NITI Aayog
- National Biodiversity Authority
Explanation: The Protection of Plant Varieties and Farmers' Rights Authority (PPV&FRA) is a statutory body to protect plant breeders and farmers' rights.
The Central Information Commission (CIC) was established under which Act?
- Official Secrets Act 1923
- Right to Information Act 2005
- Information Technology Act 2000
- Prevention of Corruption Act
Explanation: The CIC was constituted in 2005 under the provisions of the RTI Act, 2005.
The 'Securities Appellate Tribunal' (SAT) hears appeals against the orders of:
- SEBI and PFRDA only
- SEBI only
- SEBI, PFRDA, and IRDAI
- RBI and SEBI
Explanation: SAT is a statutory body that hears appeals against decisions of SEBI, PFRDA, and now IRDAI (since the Finance Act 2017).
Who can remove the Chairperson of the National Human Rights Commission (NHRC)?
- The Prime Minister
- The President of India
- The Supreme Court
- A committee of Governors
Explanation: The President can remove the Chairperson on grounds of proved misbehavior or incapacity after an inquiry by the Supreme Court.
Which Act gives the Central Vigilance Commission (CVC) the power to superintend the functioning of the CBI in corruption cases?
- Lokpal Act, 2013
- Delhi Special Police Establishment Act, 1946
- Prevention of Corruption Act, 1988
- CVC Act, 2003
Explanation: The CVC Act, 2003, gives the commission the power of superintendence over the CBI insofar as it relates to the investigation of offenses under the PCA.
Is the Reserve Bank of India (RBI) a constitutional body?
- No, it is an executive body
- Yes, under Article 300
- Yes, under Article 280
- No, it is a statutory body
Explanation: RBI is a statutory body established under the Reserve Bank of India Act, 1934.
Which body is the 'Regulator of Regulators' in the context of Insolvency and Bankruptcy?
Explanation: The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for the insolvency proceedings and the entities (IPAs, IPs) involved in the process.
The National Commission for Women (NCW) is a:
- Constitutional Body
- Executive Body
- Non-Governmental Organization
- Statutory Body
Explanation: The NCW was set up as a statutory body in January 1992 under the National Commission for Women Act, 1990.
Which of the following is NOT a quasi-judicial body?
- Central Information Commission
- NITI Aayog
- National Green Tribunal
- Income Tax Appellate Tribunal
Explanation: NITI Aayog is an executive body (think tank); the others have judicial powers to adjudicate disputes.
Is the Central Vigilance Commissioner eligible for further employment under the Central or State Government after retirement?
- Yes
- Only in judicial roles
- Only with President's permission
- No
Explanation: To ensure independence, the Central Vigilance Commissioner is ineligible for further employment under the Government of India or any State Government after their term.
The Central Information Commission (CIC) falls under the administrative control of which Ministry?
- Ministry of Home Affairs
- Ministry of Law and Justice
- Ministry of Information and Broadcasting
- Ministry of Personnel, Public Grievances and Pensions
Explanation: The Department of Personnel and Training (DoPT) under this ministry is the nodal department for the RTI Act and the CIC.
The 'Zoological Survey of India' is an example of a:
- Statutory Body
- Regulatory Body
- Subordinate Office/Scientific Organization
- Quasi-Judicial Body
Explanation: ZSI is a premier Indian organization in zoological research and studies under the Ministry of Environment, Forest and Climate Change.
Which body is responsible for adjudicating disputes in the electricity sector at the central level?
- Central Electricity Authority
- Appellate Tribunal for Electricity (APTEL)
- National Power Tribunal
- NITI Aayog
Explanation: APTEL is a quasi-judicial body established by the Government of India to hear appeals against the orders of the Central/State Electricity Regulatory Commissions.
Which body can exercise the powers of a civil court while trying a suit under the 'Code of Civil Procedure'?
- NGT
- NHRC
- CIC
- All of the above
Explanation: Most quasi-judicial bodies in India are vested with the powers of a civil court regarding summoning witnesses, discovery of documents, and receiving evidence on affidavits.
Which body regulates the entry and operation of foreign universities in India (per recent UGC regulations)?
- Ministry of Education
- NITI Aayog
- AICTE
- University Grants Commission (UGC)
Explanation: UGC is the statutory regulatory body for higher education in India and oversees the standards and operations of universities.
Who appoints the Chief Information Commissioner of India?
- The Minister of Personnel
- The President, on the recommendation of a committee
- The Prime Minister
- The Chief Justice of India
Explanation: The committee consists of the PM (Chair), the Leader of Opposition in Lok Sabha, and a Union Cabinet Minister nominated by the PM.
The National Green Tribunal (NGT) is NOT bound by the procedure laid down under which of the following?
- Sustainable Development Rules
- Precautionary Principle
- Code of Civil Procedure, 1908
- Principles of Natural Justice
Explanation: Article 19 of the NGT Act states that the Tribunal shall not be bound by the procedure laid down by the CPC 1908 but shall be guided by the principles of natural justice.
Who appoints the Chairperson of the Insurance Regulatory and Development Authority (IRDAI)?
- A committee headed by CJI
- The President of India
- The Government of India
- The Governor of RBI
Explanation: The Chairperson and members of IRDAI are appointed by the Central Government.
Which body regulates the insurance sector in India?
Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) was established under the IRDA Act, 1999, to regulate and promote the insurance industry.
Which body regulates the audit profession and accounting standards in India?
- RBI
- National Financial Reporting Authority (NFRA)
- ICAI
- SEBI
Explanation: NFRA is an independent regulatory body set up under the Companies Act 2013 to oversee accounting and auditing standards.
What is the maximum number of members the National Green Tribunal can have (excluding the Chairperson)?
- 15 Judicial and 15 Expert
- 5 Judicial and 5 Expert
- 20 Judicial and 20 Expert
- 10 Judicial and 10 Expert
Explanation: The NGT Act specifies a minimum of 10 and a maximum of 20 full-time Judicial and Expert members.
The National Human Rights Commission (NHRC) can investigate a case of human rights violation within what time frame of its occurrence?
- 6 months
- 2 years
- No time limit
- 1 year
Explanation: Under the Protection of Human Rights Act, the NHRC is not empowered to inquire into any matter after the expiry of one year from the date on which the act was committed.
Which regulatory body has the power to conduct 'Search and Seizure' without a magistrate's warrant in specific financial fraud cases?
Explanation: Under the Securities Laws (Amendment) Act, the SEBI Chairman can authorize search and seizure operations if there is reasonable ground to believe documents are being destroyed or hidden.
Who chairs the selection committee for the appointment of the NHRC Chairman?
- The Prime Minister
- The Speaker of Lok Sabha
- The President of India
- The Chief Justice of India
Explanation: The selection committee for NHRC includes the PM (Chair), Speaker of Lok Sabha, Deputy Chairman of Rajya Sabha, Leaders of Opposition in both houses, and the Union Home Minister.
The National Green Tribunal (NGT) was established under which Act?
- Wildlife Protection Act 1972
- National Green Tribunal Act 2010
- Environment Protection Act 1986
- Forest Conservation Act 1980
Explanation: The NGT was established in 2010 for effective and expeditious disposal of cases relating to environmental protection.
Under which Article are 'Administrative Tribunals' established?
- Article 324
- Article 280
- Article 315
- Article 323A
Explanation: Article 323A (added by the 42nd Amendment) empowers Parliament to provide for the adjudication of disputes relating to recruitment and conditions of service.
The Telecom Regulatory Authority of India (TRAI) was established in which year?
Explanation: TRAI was established by the Telecom Regulatory Authority of India Act, 1997, to regulate telecom services.
Which body serves as the appellate tribunal for appeals against the decisions of the Competition Commission of India (CCI)?
- Supreme Court
- SAT
- National Company Law Appellate Tribunal (NCLAT)
- High Court
Explanation: The powers of the erstwhile COMPAT were transferred to NCLAT, which now hears appeals against any direction issued or decision made by the CCI.
Which body is responsible for protecting and promoting competition in markets and preventing anti-competitive practices?
- Competition Commission of India (CCI)
- NITI Aayog
- Finance Commission
- SEBI
Explanation: The CCI is a statutory body responsible for enforcing the Competition Act, 2002, across India.
Which body regulates the pension sector in India?
Explanation: The Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established to promote and regulate the pension industry.
The Chairperson of the Central Vigilance Commission (CVC) holds office for a term of:
- 3 years or 70 years of age
- 5 years or 65 years of age
- 6 years or 65 years of age
- 4 years or 65 years of age
Explanation: Unlike most other statutory bodies, the CVC Chairperson and Commissioners have a unique tenure of 4 years or up to the age of 65.
Which body investigates cases of 'anti-profiteering' under the GST regime?
- GST Council
- Central Board of Indirect Taxes and Customs
- Finance Commission
- National Anti-profiteering Authority (NAA)
Explanation: The NAA was the statutory mechanism under GST to ensure that the benefits of tax rate reductions are passed on to consumers (now merged with CCI).
When did the Securities and Exchange Board of India (SEBI) receive statutory status?
Explanation: SEBI was initially established in 1988 as a non-statutory body but was given statutory powers through the SEBI Act, 1992.
The Central Vigilance Commission (CVC) was established based on the recommendations of which committee?
- Malhotra Committee
- Santhanam Committee
- Punchhi Commission
- Sarkaria Commission
Explanation: The CVC was set up in 1964 on the recommendations of the Santhanam Committee on Prevention of Corruption.
What is the maximum age for the Chairman of the National Human Rights Commission (NHRC)?
- No age limit
- 65 years
- 70 years
- 62 years
Explanation: As per the 2019 amendment, the Chairman and members of NHRC hold office for a term of 3 years or until they reach the age of 70, whichever is earlier.
Which of the following is a 'Self-Regulatory Organization' (SRO) recognized by SEBI?
Explanation: The Association of Mutual Funds in India (AMFI) acts as an SRO for the mutual fund industry under SEBI's oversight.
Is the decisions of the National Human Rights Commission (NHRC) binding on the government?
- Binding only in custodial death cases
- No, they are recommendatory in nature
- Yes, always
- Binding if the Supreme Court concurs
Explanation: NHRC's recommendations are not binding, but the concerned government must inform the commission of the action taken within one month.
Which of the following bodies is responsible for regulating the credit rating agencies in India?
- SEBI
- Ministry of Finance
- RBI
- IRDAI
Explanation: Credit Rating Agencies in India are regulated by SEBI under the SEBI (Credit Rating Agencies) Regulations, 1999.
Which of the following is a key characteristic of a 'Quasi-Judicial' body?
- Its decisions cannot be challenged in High Courts
- It has powers similar to a civil court
- It is always headed by the President
- It can make new laws
Explanation: Quasi-judicial bodies have the power to hold hearings and conduct investigations, similar to a civil court, but they operate within the framework of existing laws and cannot create new legislation.
Which regulatory body was established following the 'Raghavan Committee' recommendations?
Explanation: The Competition Commission of India was established following the recommendations of the Raghavan Committee on Competition Policy and Law.
The 'Appellate Tribunal for Electricity' (APTEL) hears appeals against which bodies?
- Ministry of Power
- Central Electricity Regulatory Commission (CERC)
- State Electricity Regulatory Commissions (SERC)
- Both B and C
Explanation: APTEL has jurisdiction over appeals against the orders of both Central and State electricity regulatory commissions.
The 'Monetary Policy Committee' (MPC) is a part of which regulatory institution?
- NITI Aayog
- RBI
- SEBI
- Ministry of Finance
Explanation: The MPC is a statutory committee of the RBI responsible for fixing the benchmark interest rate (Repo Rate) in India.
Which body oversees the 'Unique Identification Authority of India' (UIDAI)?
- Ministry of Home Affairs
- Ministry of Electronics and Information Technology (MeitY)
- NITI Aayog
- Ministry of Finance
Explanation: UIDAI is a statutory authority established under the Aadhaar Act, 2016, under the administrative control of MeitY.
Which of the following bodies can issue 'Cease and Desist' orders against anti-competitive agreements?
Explanation: The Competition Commission of India (CCI) has the power to issue cease and desist orders if it finds an agreement to be anti-competitive.
Which body regulates the 'Civil Aviation' sector safety and standards in India?
- DGCA
- Ministry of Home Affairs
- AAI
- BCAS
Explanation: The Directorate General of Civil Aviation (DGCA) is the regulatory body in the field of Civil Aviation, primarily dealing with safety issues.
Where is the headquarters of the National Green Tribunal (NGT) located?
- Chennai
- Mumbai
- Kolkata
- New Delhi
Explanation: The principal bench of the NGT is located in New Delhi, with regional benches in Bhopal, Pune, Kolkata, and Chennai.
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) was established to adjudicate disputes between:
- A service provider and a group of consumers
- A licensor and a licensee
- Two or more service providers
- All of the above
Explanation: TDSAT was created by an amendment to the TRAI Act in 2000 to take over the adjudicatory and disputes functions from TRAI.
Which of the following bodies handles disputes related to the recruitment and conditions of service of persons appointed to public services?
- NHRC
- Law Commission
- Central Administrative Tribunal (CAT)
- UPSC
Explanation: CAT is a quasi-judicial body established under Article 323A of the Constitution to adjudicate service-related disputes.
The 'Polluter Pays Principle' is a core guiding principle for which body?
Explanation: The NGT applies the principles of Sustainable Development, the Precautionary Principle, and the Polluter Pays Principle while passing any order.
Which body acts as the final appellate authority for disputes related to the Real Estate (Regulation and Development) Act (RERA)?
- Supreme Court
- Consumer Forum
- High Court
- Real Estate Appellate Tribunal
Explanation: Under RERA, the Real Estate Appellate Tribunal is the quasi-judicial body for hearing appeals against the orders of RERA authorities.
Which body is responsible for regulating 'Intermediaries' like stockbrokers and merchant bankers?
- RBI
- SEBI
- Ministry of Corporate Affairs
- National Stock Exchange
Explanation: SEBI regulates all market intermediaries to ensure the protection of investors and the orderly functioning of the securities market.
The Armed Forces Tribunal (AFT) is a:
- Division of the Supreme Court
- Quasi-Judicial Body
- Executive Body
- Constitutional Body
Explanation: The AFT is a statutory quasi-judicial body established under the Armed Forces Tribunal Act, 2007.
The National Consumer Disputes Redressal Commission (NCDRC) is a:
- Constitutional Body
- Quasi-Judicial Body
- Executive Body
- Ad-hoc Committee
Explanation: The NCDRC is a statutory quasi-judicial commission set up under the Consumer Protection Act.
Which regulatory body has the 'National Financial Reporting Authority' (NFRA) as its contemporary for auditors?
- SEBI
- RBI
- ICAI
- Finance Commission
Explanation: While ICAI is the professional body for CAs, NFRA was established as an independent regulator to oversee the auditing profession for listed companies.
Which body was formed to ensure 'Price Stability' while keeping in mind the objective of growth?
- Monetary Policy Committee (MPC)
- Finance Commission
- Planning Commission
- GST Council
Explanation: The MPC of the RBI is mandated to maintain price stability through inflation targeting (4% +/- 2%).