Question

Which of the following statements regarding Statuatory bodies are incorrect :

1. Statutory bodies are non-constitutional organizations
2. Securities and Exchange Board of India (SEBI) is a Statuatory body
3. The authority for the functioning of statutory bodies is derived from executive orders issued by the President or the Prime Minister.

• A. iii only
• B. i only
• C. i, ii
• D. All

Answer 1

Answer:

A. iii only

• Statutory bodies are non-constitutional organizations:
  • Statutory bodies are established through specific legislation passed by the Parliament or state legislatures and are not mentioned in the Constitution of India.
  • They are created to perform specific functions and duties as mandated by the relevant laws.
  • The authority for the functioning of statutory bodies is derived from specific legislative enactments passed by the Parliament or state legislatures.
  • Statutory bodies are not established through executive orders but through laws or acts that define their functions, powers, and responsibilities.
• Securities and Exchange Board of India (SEBI) is a Statutory body:
  • SEBI is indeed a statutory body.
  • It was established in 1988 as a non-constitutional body through the Securities and Exchange Board of India Act, 1992.
  • SEBI is responsible for regulating the securities market in India, protecting the interests of investors, and promoting the development of the securities market.