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Regulatory Law in India

Description: This quiz will test your knowledge of Regulatory Law in India. Good luck!
Number of Questions: 15
Created by:
Tags: regulatory law indian law
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Which of the following is a regulatory body in India responsible for regulating the securities market?

  1. Securities and Exchange Board of India (SEBI)

  2. Reserve Bank of India (RBI)

  3. Insurance Regulatory and Development Authority of India (IRDAI)

  4. Pension Fund Regulatory and Development Authority (PFRDA)

Show answer
Correct Option: A
Explanation:

SEBI is the regulatory body responsible for regulating the securities market in India. It was established in 1992 under the SEBI Act, 1992.

The Competition Act, 2002 was enacted to promote competition and prevent anti-competitive practices in India. Which of the following is NOT a prohibited anti-competitive agreement under the Act?

  1. Cartel agreements

  2. Exclusive dealing agreements

  3. Resale price maintenance agreements

  4. Tie-in arrangements

Show answer
Correct Option: B
Explanation:

Exclusive dealing agreements are not prohibited under the Competition Act, 2002. However, they may be considered anti-competitive if they substantially lessen competition in the relevant market.

The Consumer Protection Act, 2019 replaced the Consumer Protection Act, 1986. Which of the following is a new provision introduced by the 2019 Act?

  1. Establishment of Consumer Protection Councils at the district, state, and national levels

  2. Introduction of a new definition of 'consumer'

  3. Provision for class action suits

  4. All of the above

Show answer
Correct Option: D
Explanation:

The Consumer Protection Act, 2019 introduced all of the above new provisions.

The Right to Information Act, 2005 was enacted to promote transparency and accountability in the functioning of public authorities in India. Which of the following is NOT a public authority under the Act?

  1. Government departments

  2. Local bodies

  3. Non-governmental organizations (NGOs)

  4. Public sector undertakings (PSUs)

Show answer
Correct Option: C
Explanation:

NGOs are not public authorities under the Right to Information Act, 2005.

The Environment Protection Act, 1986 is the primary legislation in India for the protection of the environment. Which of the following is NOT a function of the Central Pollution Control Board (CPCB) under the Act?

  1. Laying down standards for the quality of air, water, and soil

  2. Advising the Central Government on matters relating to the prevention and control of pollution

  3. Carrying out research on pollution control

  4. Granting licenses for the discharge of pollutants

Show answer
Correct Option: D
Explanation:

The CPCB does not have the function of granting licenses for the discharge of pollutants. This function is performed by the State Pollution Control Boards (SPCBs).

The Food Safety and Standards Act, 2006 was enacted to consolidate the laws relating to food safety and standards in India. Which of the following is NOT a function of the Food Safety and Standards Authority of India (FSSAI) under the Act?

  1. Laying down standards for food safety and hygiene

  2. Registering and licensing food businesses

  3. Inspecting food businesses

  4. Imposing penalties for violations of the Act

Show answer
Correct Option: D
Explanation:

The FSSAI does not have the function of imposing penalties for violations of the Act. This function is performed by the courts.

The Drugs and Cosmetics Act, 1940 is the primary legislation in India for the regulation of drugs and cosmetics. Which of the following is NOT a function of the Central Drugs Standard Control Organization (CDSCO) under the Act?

  1. Granting licenses for the manufacture and sale of drugs and cosmetics

  2. Inspecting drug and cosmetic manufacturing facilities

  3. Testing drugs and cosmetics for safety and efficacy

  4. Approving new drugs and cosmetics for marketing

Show answer
Correct Option: D
Explanation:

The CDSCO does not have the function of approving new drugs and cosmetics for marketing. This function is performed by the Drugs Controller General of India (DCGI).

The Medical Devices Rules, 2017 were notified under the Drugs and Cosmetics Act, 1940 to regulate the manufacture, import, and sale of medical devices in India. Which of the following is NOT a function of the Central Drugs Standard Control Organization (CDSCO) under the Rules?

  1. Granting licenses for the manufacture and import of medical devices

  2. Inspecting medical device manufacturing facilities

  3. Testing medical devices for safety and efficacy

  4. Approving new medical devices for marketing

Show answer
Correct Option: D
Explanation:

The CDSCO does not have the function of approving new medical devices for marketing. This function is performed by the Drugs Controller General of India (DCGI).

The Information Technology Act, 2000 is the primary legislation in India for regulating the use of electronic records and digital signatures. Which of the following is NOT a function of the Controller of Certifying Authorities (CCA) under the Act?

  1. Granting licenses to Certifying Authorities (CAs)

  2. Supervising the activities of CAs

  3. Revoking the licenses of CAs

  4. Issuing digital signature certificates

Show answer
Correct Option: D
Explanation:

The CCA does not have the function of issuing digital signature certificates. This function is performed by the CAs.

The Companies Act, 2013 replaced the Companies Act, 1956. Which of the following is NOT a new provision introduced by the 2013 Act?

  1. Introduction of a new definition of 'company'

  2. Provision for one-person companies

  3. Requirement for companies to have a corporate social responsibility (CSR) policy

  4. Abolition of the concept of 'deemed public companies'

Show answer
Correct Option: D
Explanation:

The Companies Act, 2013 did not abolish the concept of 'deemed public companies'. This concept continues to exist under the 2013 Act.

The Insolvency and Bankruptcy Code, 2016 was enacted to provide a comprehensive framework for dealing with insolvency and bankruptcy in India. Which of the following is NOT a type of insolvency resolution process under the Code?

  1. Corporate Insolvency Resolution Process (CIRP)

  2. Liquidation

  3. Scheme of Arrangement

  4. Fast Track Insolvency Resolution Process (FTIRP)

Show answer
Correct Option: D
Explanation:

The FTIRP is not a type of insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

The Real Estate (Regulation and Development) Act, 2016 was enacted to regulate the real estate sector in India. Which of the following is NOT a function of the Real Estate Regulatory Authority (RERA) under the Act?

  1. Registering real estate projects

  2. Protecting the interests of homebuyers

  3. Ensuring the timely completion of real estate projects

  4. Granting licenses to real estate agents

Show answer
Correct Option: D
Explanation:

The RERA does not have the function of granting licenses to real estate agents. This function is performed by the State Governments.

The Goods and Services Tax (GST) was introduced in India on 1st July, 2017. Which of the following is NOT a type of GST?

  1. Central GST (CGST)

  2. State GST (SGST)

  3. Integrated GST (IGST)

  4. Union Territory GST (UTGST)

Show answer
Correct Option: D
Explanation:

The UTGST is not a type of GST. It is a tax levied by the Central Government on the supply of goods and services in the Union Territories without a Legislative Assembly.

The Benami Transactions (Prohibition) Amendment Act, 2016 was enacted to amend the Benami Transactions (Prohibition) Act, 1988. Which of the following is NOT a new provision introduced by the 2016 Amendment Act?

  1. Presumption of benami transaction in certain cases

  2. Attachment and confiscation of benami property

  3. Imposition of penalty on benami transactions

  4. Provision for a Benami Prohibition Unit

Show answer
Correct Option: D
Explanation:

The Benami Transactions (Prohibition) Amendment Act, 2016 did not introduce a provision for a Benami Prohibition Unit.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was enacted to combat the problem of black money in India. Which of the following is NOT a penalty for undisclosed foreign income and assets under the Act?

  1. Imposition of tax at the rate of 30%

  2. Imposition of penalty at the rate of 90%

  3. Prosecution under the Indian Penal Code (IPC)

  4. Confiscation of undisclosed foreign income and assets

Show answer
Correct Option: D
Explanation:

Confiscation of undisclosed foreign income and assets is not a penalty for undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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