While stating that NITI Aayog is working on the Regulator Reforms Bill, Finance Minister Arun Jaitley today informed the Rajya Sabha that independent regulators draw their functions and powers from different Acts enacted by Parliament.
The Bill would be 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, removal of members", he said in a written reply.
Jaitley's response came to queries on whether the government would consider a proposal to review functioning of independent regulators and also make them accountable to the Parliament.
"Independent regulators have been set up across sectors under different Acts enacted by Parliament. These regulators draw their functions and powers as per the provisions of respective Acts.
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"These Acts have been amended from time to time to reflect the changes required in the functioning of the regulators," he noted.
"These reports and accounts, as also the rules and regulations made under the statutes are laid on the table of both Houses of Parliament," Jaitley said.