Explanation:

Financial Sector Legislative Reforms Commission (FSLRC) was setup once to review financial legislations, and not regulators in the country. So, 4 is also wrong. Similar reason eliminates Finance Commission which is setup periodically for the tax distribution between Union and States. Thus B and C are eliminated.

NITI Ayog is a think tank and policy advisor for the Government. Yes it reviews development work in the Aspirational districts and SDG implementation across India but reviewing independent regulators is not under its purview. So, 5 is wrong. This eliminates D.

Thus by elimination, we are left with Answer A: only 1 and 2.