i. Regulatory Bodies

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i. Regulatory Bodies

A regulatory body, sometimes known as a regulatory agency, is a public authority or a governmental agency that is responsible for acting independently to regulate or supervise a particular sector of human activity.

They may or may not be directly supervised by an executive branch of the government, or they may be given the statutory right to carry out their duties under the direction of the legislative branch.
Regulatory agencies are typically created to enforce safety standards, monitor the use of public resources, and control business.

Important Regulatory bodies in India are:

Important Regulatory bodies	Details
Reserve Bank of India	The Reserve Bank of India (RBI) is the responsible body in the nation, in charge of overseeing economic stability and growth as well as managing all significant monetary policies. In compliance with the guidelines of the Reserve Bank of India Act, of 1934, the Reserve Bank of India was founded on April 1st, 1935.
Telecom Regulatory Authority of India	The Telecom Regulatory Authority of India Act, 1997, an Act of Parliament, established the Telecom Regulatory Authority of India (TRAI) on February 20, 1997, to regulate telecom services, including the fixing and adjustment of tariffs.
Insurance Regulatory & Development Authority of India	The Indian government’s Insurance Regulatory and Development Authority of India (IRDAI) is in charge of overseeing and advancing the insurance industry.
Competition Commission of India	The Competition Commission of India (CCI) is a statutory body of the Government of India responsible for enforcing the Competition Act, of 2002.
Food Safety and Standards Authority of India	The Food Safety and Standards Act of 2006 established the Food Safety and Standards Authority of India (FSSAI) as a legislative organization. Additionally, this law sets the foundation for India’s food safety laws to be created and implemented.
Medical Council of India	A statutory organization called the Medical Council of India (MCI) is in charge of guaranteeing the quality and standardization of medical education in India. In 1934, it was established as a result of the Indian Medical Council Act of 1933.
Pension Fund Regulatory & Development Authority	The Pension Fund Regulatory and Development Authority Act of 2013 created the Pension Fund Regulatory and Development Authority (PFRDA), a statutory regulatory agency. It was created to oversee and control the National Pension System (NPS) and the Indian pension industry.
Bureau of Indian Standards	BIS is India’s National Standard Body established under the BIS Act 2016 for the total development of standardization, certification, and quality assurance of goods, as well as things associated with or supplementary thereby.
Board of Control for Cricket in India	The national governing organization for cricket in India is called the Board of Control for Cricket in India (BCCI). The board was established in December 1928.