Explanation:

• The Reserve Bank of India (RBI) has recently issued a framework for recognition of Self-Regulatory Organisations (SROs) in financial markets towards strengthening compliance culture among the SRO members and also providing a consultative platform for policy making.

About Self-Regulatory Organization (SRO)

• A self-regulatory organization (SRO) is one that has the power to set industry standards and regulations through its own efforts.

• Effective SROs are able to provide standards and enforcement of those standards on their members.

• Although SROs can be privately owned, the government can still dictate their broader policies.

• The Advertising Standards Council of India (ASCI) is a self-regulatory organization that oversees advertising practices in India. As an independent, voluntary self-regulatory organisation, The Advertising Standards Council of India (ASCI) aims to ensure advertisements in India are fair, honest and are compliant with the ASCI Code. 

• Where as SEBI, IRDAI, and RBI are government regulatory bodies, not SROs.

Hence option 3rd is correct.