Q74. Consider the following statements:
- Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India.
- One of the tasks of PNGRB is to ensure competitive markets for gas.
- Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity.
Which one of the statements given above is correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: B
- Statement 1 is not correct: The Petroleum and Natural Gas Regulatory Board (PNGRB) was established under the Petroleum and Natural Gas Regulatory Board Act, 2006. It is not the first regulatory body of the Government of India. Forward Market
- The commission was the first regulatory body setup in 1953 under the Forward Contracts (Regulation) Act, 1952. Later, it was merged with the Securities and Exchange Board of India (SEBI).
- Statement 2 is correct: The Act provides for the establishment of Petroleum and Natural Gas Regulatory Board to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to promote competitive markets and for matters connected therewith or incidental thereto.
- Statement 3 is correct: Subject to the provisions of the Act, the appeals against the decisions of the Board go before the Appellate Tribunal established under Section 110 of the Electricity Act, 2003. The said Appellate Tribunal shall exercise the jurisdiction, powers and authority conferred on it by or under this Act.
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