Government think tank NITI Aayog is working on the Regulator Reforms Bill, an omnibus legislation catering to the generic aspects of regulatory commissions, Parliament was informed today.
“NITI Aayog is working on the Regulator Reforms Bill, an omnibus legislation catering to the generic aspects of regulatory commissions that are related to selection and appointment of members, qualification for appointment of members, term of office and other conditions…” Finance Minister Arun Jaitley told Rajya Sabha.
The Minister further said that independent regulators have been set up across sectors under different Acts enacted by the Parliament.
“These regulators draw their functions and powers as per the provisions of respective Acts,” he added.
The Acts have been mended from time to time to reflect changes required in the functioning of the regulators.
The Finance Minister noted that the concerned statutes provide for submission of annual reports and accounts to the government in prescribed form.
“These reports and accounts, as also the rules and regulations made under statues are laid on the table of both houses of Parliament,” he said.