The Financial Sector Legislative Reforms Commission report submitted recently, among others, contained which of the following proposals? 1. All regulators will have an empowered board, the role of each of the members has been defined. 2. The Commission en

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Q: 29 (NDA-I/2014)
The Financial Sector Legislative Reforms Commission report submitted recently, among others, contained which of the following proposals?
1. All regulators will have an empowered board, the role of each of the members has been defined.
2. The Commission envisages an important process of judicial review of the regulations.
3. The draft code does not mention about executive powers.
Select the correct answer using the code given below.

question_subject: 

Polity

question_exam: 

NDA-I

stats: 

0,25,43,25,12,16,15

keywords: 

{'financial sector legislative reforms commission report': [0, 0, 0, 1], 'executive powers': [0, 0, 0, 1], 'regulators': [0, 0, 0, 2], 'regulations': [1, 0, 2, 7], 'commission': [0, 0, 2, 0], 'judicial review': [3, 0, 0, 2], 'empowered board': [0, 0, 0, 1], 'proposals': [2, 2, 0, 9], 'draft code': [0, 0, 0, 1], 'role': [2, 1, 2, 6]}

The correct answer to the question is option 1, which states that the Financial Sector Legislative Reforms Commission report contains the following proposals:

1. All regulators will have an empowered board, and the role of each member has been defined.

2. The Commission envisions an important process of judicial review of the regulations.

This means that the report suggests that regulatory bodies in the financial sector should have a board with defined roles for each member, and there should be a process of judicial review for the regulations they make.

Option 3, which states "1 and 3 only," is incorrect because the report does not mention anything about executive powers, so it is not included in the proposals.

Option 2, which states "2 only," is also incorrect because the report does contain the proposal regarding the establishment of empowered boards for regulators, in addition to the proposal for judicial review.

Option 4, which states "1, 2, and 3," is incorrect because the report does not include the proposal mentioned in option 3 about executive powers.