Finance Minister Arun Jaitley informed Rajya Sabha that 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".
Government is working on an omnibus legislation that caters to the generic aspects of regulatory authorities in the public utility space, including telecom and water supply. While stating that NITI Aayog is working on the Regulator Reforms Bill, Finance Minister Arun Jaitley informed the Rajya Sabha on Tuesday 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. It would cater to other generic aspects such as "protection of consumer interests, independence and accountability etc, which are common to all regulators in the public utility industry viz. electricity, telecommunications, airports, ports, oil and gas, water supply etc", he said.
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. "These Acts have been amended from time to time to reflect the changes required in the functioning of the regulators," he noted.
The minister further said the concerned statutes provide for submission of annual reports and accounts to the government. "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.
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