Consider the following statements : 1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India. 2. One of the tasks of PNGRB is to ensure competitive markets for gas. 3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity. Which of the statements given above are correct?

QUESTION

Medium

Economy

Prelims 2019

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 of the statements given above are correct?

Select an option to attempt

Explanation

Statement 1 is Incorrect: The Petroleum and Natural Gas Regulatory Board (PNGRB) was established under the PNGRB Act, 2006. It is not the first regulatory body in India; several others were established much earlier, such as the Securities and Exchange Board of India (SEBI), which was granted statutory status in 1992, and the Telecom Regulatory Authority of India (TRAI), established in 1997.

Statement 2 is Correct: One of the primary mandates of the PNGRB, as defined in the PNGRB Act, 2006, is to protect the interests of consumers and entities engaged in activities relating to petroleum, petroleum products, and natural gas, and to promote competitive markets within the sector.

Statement 3 is Correct: Under Section 30 of the PNGRB Act, 2006, the Appellate Tribunal established under Section 110 of the Electricity Act, 2003 (known as the Appellate Tribunal for Electricity or APTEL) acts as the appellate authority to hear appeals against the decisions or orders of the PNGRB.

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