REGULATORY BODIES IN INDIA

Regulatory Bodies in India

REGULATORY BODIES IN INDIA

A Regulatory Body also Regulatory Authority, Regulatory Agency or Regulator is a Public Authority or Government Agency responsible for exercising Autonomous Authority over some area of human activity in a regulatory or supervisory capacity.

Functions of Regulatory Bodies

The main functions of the regulatory body are typically identified as follows:

• Regulations and guides
• Review and assessment
• Licensing
• Inspection
• Corrective actions
• Enforcement

The consolidated list of major regulatory bodies in India and their Sector function as under:

1. RBI – Reserve Bank of India

Sector: Banking, Finance & Monetary Policy

Headquarters: Mumbai

Established On: 1st April 1935

Constituted By: The Reserve Bank of India Act, 1934

2. SEBI – Securities and Exchange Board of India

Sector: Securities (Stock Market) & Capital Market

Headquarters: Mumbai

Established On: 12th April, 1992

Constituted By: The Securities and Exchange Board of India Act, 1992

3. IBBI – Insolvency and Bankruptcy Board of India

Sector: Insolvency and Bankruptcy 

Headquarters: New Delhi

Established On: 1st October, 2016

Constituted By: The Insolvency and Bankruptcy Code, 2016

4. CAG – Comptroller and Auditor General of India

Sector: Accounting & Auditing

Headquarters: New Delhi

Established On: 1971

Constituted By: Article 148 of the Constitution of India, 1949 and the Comptroller and Auditor General (Duties, Powers & Conditions of Services) Act, 1971

5. ICAI - Institute of Chartered Accountants of India

Sector: Financial Audit and Accounting Professions

Headquarters: New Delhi

Established On: 1st July 1949

Constituted By: The Institute of Chartered Accountants of India Act, 1949

6. NFRA – National Financial Reporting Authority

Sector: Accounting & Auditing

Headquarters: New Delhi

Established On: 1st October, 2018

Constituted By: The Companies Act, 2013

7. IRDAI – Insurance Regulatory and Development Authority of India

Sector: Insurance & Re-insurance

Headquarters: Hyderabad

Established On: 19th April, 2000

Constituted By:  The Insurance Regulatory and Development Authority Act, 1999

8. PFRDA – Pension Fund Regulatory & Development Authority

Sector: Pension

Headquarters: New Delhi

Established On: 23rd August, 2003

Constituted By: The Pension Fund Regulatory & Development Act, 2013

9. TRAI – Telecom Regulatory Authority of India

Sector: Telecommunication Industry & Tariffs

Headquarters: New Delhi

Established On: 20th February, 1997

Constituted By: The Telecom Regulatory Authority of India Act, 1997

10. FSSAI – Food Safety and Standards Authority of India

Sector: Food

Headquarters: New Delhi

Established On: 5th August, 2011

Constituted By: The Food Safety and Standards Act, 2006

11. NPPA – National Pharmaceutical Pricing Authority

Sector: Pharmaceutical Drugs

Headquarters: New Delhi

Established On: 29th August, 1997

Constituted By: The Drug (Price Control) Order, 1995

12. NHAI – National Highways Authority of India

Sector: National Highways

Headquarters: New Delhi

Established On:  February, 1995

Constituted By: The National Highways Authority of India Act, 1988

13. IWAI – Inland Waterways Authority of India

Sector: Inland Waterways

Headquarters: Noida

Established On: 27th October, 1986

Constituted By: The Inland Waterways Authority of India Act, 1985

14. AAI- Airports Authority of India

Sector: Civil Aviation

Headquarters: New Delhi

Established On: 1st April, 1995

Constituted By: The Airports Authority of India Act, 1994

15. AERA – Airport Economic Regulatory Authority of India

Sector: Aeronautical Tariff & Fees

Headquarters: New Delhi

Established On: 12th May, 2009

Constituted By: The Airport Economic Regulatory Authority Act, 2008

16. WDRA – Warehousing Development and Regulation Authority

Sector: Warehouses

Headquarters: New Delhi

Established On: 26th October, 2010

Constituted By: The Warehousing Development and Regulation Act, 2007

17. NABARD – National Bank for Agriculture and Rural Development

Sector: Financing Rural Development

Headquarters: Mumbai

Established On: 12th July, 1982

Constituted By: The National Bank for Agriculture and Rural Development Act, 1981

18. SIDBI – Small Industries Development Bank of India

Sector: Financing Micro, Small and Medium-Scale Enterprises

Headquarters: Lucknow

Established On: 2nd April, 1990

Constituted By: The Small Industries Development Bank of India Act, 1989

19. NPCI – National Payments Corporation of India

Sector: Payments and Settlement

Headquarters: Mumbai

Established On:  December, 2008

Constituted By: The Payment and Settlement Systems Act, 2007

20. NHB – National Housing Bank

Sector: Housing Financing

Headquarters: New Delhi

Established On: 9th July, 1988

Constituted By: The National Housing Bank Act, 1987

21. CBDT – Central Board of Direct Taxes

Sector: Direct Tax

Headquarters: New Delhi

Established On: 1st January, 1964

Constituted By: The Central Board of Revenue Act, 1963

22. CBIC – Central Board of Indirect Taxes & Customs

Sector: GST, Central Excise, Service Tax, Narcotics & Customs Duty

Headquarters: New Delhi

Established On: 1st January, 1964

Constituted By: The Central Board of Revenue Act, 1963

23. CBFC – Central Board of Film Certification

Sector: Film/TV Certification & Censorship

Headquarters: Mumbai

Established On: 15th January, 1951

Constituted By: The Cinematograph Act, 1952

24. AERB - Atomic Energy Regulatory Board

Sector: Ionising Radiation & Nuclear Energy

Headquarters: Mumbai

Established On: 15th November, 1983

Constituted By: The Atomic Energy Act, 1962

25. BIS – Bureau of Indian Standards

Sector: Standards & Certification

Headquarters: New Delhi

Established On: 26th November, 1986

Constituted By: The Bureau of Indian Standards Act, 2016

26. SAI – Sports Authority of India

Sector: Sports

Headquarters: New Delhi

Established On: 16th March, 1984

Constituted By: The Government of India.

27. BCCI – Board of Control for Cricket in India

Sector: Cricket

Headquarters: Mumbai

Established On: 10th December, 1927

Constituted By: The Tamil Nadu Societies Registration Act, 1975

28. RERA – Real Estate Regulatory Authority 

Sector: Real Estate Industry

Headquarters: State/Union Territories Wise

Established On: State/Union Territories Wise

Constituted By: The Real Estate (Regulation and Development) Act, 2016

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Sources: Google