In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.?

1. Ad Hoc Committees set up by the Parliament
2. Parliamentary Department Related Standing Committees
3. Finance Commission
4. Financial Sector Legislative Reforms Commission
5. NITI Aayog

Select the correct answer using the code given below.

Finance Commission and NITI Aayog are primarily advisory bodies and do not have the mandate to review the functioning of independent regulators. Therefore, options 3 and 5 are incorrect.

The Financial Sector Legislative Reforms Commission (FSLRC) was a one-time commission set up to review financial legislations, not the ongoing performance of regulators. Thus, option 4 is also incorrect.

Parliamentary Department Related Standing Committees are mandated to oversee the functioning of various departments, which may include the review of regulators within their respective domains. Ad Hoc Committees can be specifically constituted by the Parliament to examine the performance of regulators related to their specific terms of reference.

Therefore, the correct answer is that Ad Hoc Committees set up by the Parliament and Parliamentary Department Related Standing Committees review independent regulators. Hence, option a is correct.