Consider the following statements 1 The Securities and Exchange Board of India SEBI was originally c...........

Indian Economic System(UPPCS) Financial System

Consider the following statements:

1. The Securities and Exchange Board of India (SEBI) was originally constituted as a non-statutory body and was later converted into a constitutional body.

2. The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body tasked with regulating and licensing the insurance and re-insurance industries in India.

3. The fi rst Law Commission of Independent India was established in 1950 with the adoption of the Constitution.

Which of the statements given above is/are correct?

1 only

1 and 3 only

2 only

2 and 3 only

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Explanation:

Correct Option: (c) Explanation: Statement 1 is incorrect: The Securities and Exchange Board of India was constituted as a non-statutory body but was later established as a statutory body in 1992. Statement 3 is incorrect: The Government of India established the First Law Commission of Independent India in 1955 with the then Attorney-General of India, Mr. M. C. Setalvad, as its Chairman. Supplementary notes: Constitutional and Non-Constitutional Bodies The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India. The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992. The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency’s headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001. After independence, the Constitution of India with its Fundamental Rights and Directive Principles of State Policy gave a new direction to law reform geared to the needs of a democratic legal order in a plural society.

Though the Constitution stipulated the continuation of pre-Constitution Laws (Article 372) till they are amended or repealed, there had been demands in Parliament and outside for establishing a Central Law Commission to recommend revision and updating of the inherited laws to serve the changing needs of the country. The Government of India reacted favourably and established the First Law Commission of Independent India in 1955 with the then Attorney-General of India, Mr. M. C. Setalvad, as its Chairman. Since then twenty one more Law Commissions have been appointed, each with a three-year term and with different terms of reference.