Explanation:

- Option 1: SEBI (Securities and Exchange Board of India)

- SEBI regulates securities markets in India, protecting investors and overseeing market functions.

- Option 2: IL&FS (Infrastructure Leasing & Financial Services)

- IL&FS is a large infrastructure development and finance company in India, dealing with projects, finance, and infrastructure asset management.

- Option 3: IRDAI (Insurance Regulatory and Development Authority of India)

- Debashish Panda was appointed as the chief of IRDAI.

- It is the regulatory body for the insurance sector in India, ensuring the protection of policyholders' interests.

- Option 4: ICAR (Indian Council of Agricultural Research)

- ICAR regulates agricultural education and research in India, focusing on agricultural growth and development.

- Correct Answer: Option 3 - IRDAI