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.

Let's analyze which bodies review independent regulators in sectors like telecommunications, insurance, electricity, etc.:

1. Ad Hoc Committees set up by the Parliament: Correct. Parliament has the power to constitute various ad hoc committees (e.g., Joint Parliamentary Committees or other inquiry committees) to investigate specific issues, including the functioning and performance of independent regulatory bodies. These committees submit reports to Parliament.

2. Parliamentary Department Related Standing Committees: Correct. These are permanent and continuous committees of Parliament. Each ministry has a corresponding Department Related Standing Committee. Independent regulators, even though autonomous, operate within the broad policy framework of a specific ministry and are therefore subject to scrutiny by these committees, which examine their budgets, policies, and functioning.

3. Finance Commission: Incorrect. The Finance Commission is a constitutional body primarily responsible for recommending the distribution of tax revenues between the Union and States and among States, and other fiscal matters. It does not review the functioning of independent sector regulators.

4. Financial Sector Legislative Reforms Commission: Incorrect. This was a specific commission constituted to review and rewrite the financial sector laws in India. It was a one-time body for recommending reforms, not an ongoing mechanism for reviewing existing regulators.

5. NITI Aayog: Incorrect. NITI Aayog is a policy 'think-tank' of the Government of India, providing strategic and technical advice. It does not have a mandate to formally 'review' the independent statutory regulators, although it may conduct studies or provide policy inputs related to the sectors they regulate.

Thus, statements 1 and 2 are correct.