The Pension Fund Regulatory and Development Authority (PFRDA) main role is to regulate the National Pension System (NPS). The NPS is subscribed by employees of the Government of India, state governments, private institutions/organizations as well as unorganized sectors. PFRDA works to ensure the systematic growth of the pension market.
The Telecom Regulatory Authority of India (TRAI) has been established by India's government. This was done with the aim to ensure proper growth of the country's telecommunication industry and its integration into the global information society. TRAI serves as the regulator of the telecommunications sector in India.
TRAI consists of a total of 5 members. This includes a Chairperson along with 2 full-time and 2 part-time members. To qualify for a position in TRAI, an individual should have either specialized knowledge of or experience working in the telecom industry, financial sector, accountancy, law, management and/or consumer affairs.
Established under the Ministry of Health & Family Welfare, the Food Safety and Standards Authority of India (FSSAI) is an autonomous non-constitutional body whose key function is to protect and promote public health. It ensures this by regulating and supervising food safety in the country. The FSSAI focuses on:
The FSSAI comprises a Chairperson and 22 members. Out of these members, a total of one-third must be female candidates. The central government is responsible for recruiting the Chairperson..
The Securities and Exchange Board of India (SEBI) is the regulator of the securities and commodity market in India. The key function of SEBI is to protect those who have invested in securities and to promote the development of the securities market along with ensuring its regulation.
SEBI focuses on three core groups which form the market:
SEBI performs quasi-legislative, quasi-judicial, and quasi-executive functions. In the legislative domain, it drafts the regulation. On the executive side, it ensures the enforcement of regulations and in its judicial capacity, it gives rulings and orders. While this gives SEBI a lot of power, an appeal has been made to establish higher accountability.
The Board of Securities & Exchange Board of India (SEBI) is comprised of 9 members:
The Reserve Bank of India (RBI) is the country's central bank. Its main function is to control the issuing and supply of the Indian rupee. In India, the Reserve Bank plays the role of the regulator of the entire banking system including commercial banks as well as non-banking finance companies. Along with the banking system, it is the leader of the money market too. The RBI is responsible for facilitating financial stability and inclusion.
India's monetary policy is implemented by the RBI. It serves as a banker to banks and the government by maintaining their accounts and executing transactions on their behalf as well as giving them banking services.
A Central Board of Directors is responsible for governing the work of the RBI. Additionally, each part of the country, North, South, East, and West has a local board that looks after the local interests of that area. The Central Board of Directors and Local Board members are nominated and appointed by the central government as per the Reserve Bank of India (RBI) Act.
Regulatory Bodies are non-constitutional government bodies established through legislative acts. These bodies have autonomous control over some areas in the private sector of the economy in a supervisory capacity. A few of them are independent of any branch of the government. They have been established to monitor utilization of public goods, regulate business and implement safety and standards.