In India, which of the following review the independent regulators in sectors like telecommunications, insurance, electricity, etc.?<br/>1. Ad Hoc Committee set up by the Parliament.<br/>2. Parliamentary Department Related Standing Committee<br/>3. Finance Commission<br/>4. Financial Sector Legislative Reforms Commission<br/>5. NITI Aayog<br/><br/>Select the correct answer using the code given below.

1. Ad Hoc Committee set up by the Parliament — Parliament can constitute ad hoc committees for specific matters, and such committees may examine the working of regulatory bodies when required. Verdict: Correct.

2. Parliamentary Department Related Standing Committee — These committees oversee ministries/departments and can scrutinize sectoral regulators functioning under the broader policy domain. Verdict: Correct.

3. Finance Commission — It recommends tax devolution and grants between Union and States; it does not review independent sectoral regulators. Verdict: Incorrect.

4. Financial Sector Legislative Reforms Commission — This was a temporary expert commission for financial law reforms, not a regular review mechanism for regulators across sectors. Verdict: Incorrect.

5. NITI Aayog — It may suggest reforms, but it is not an institutional review body for independent regulators in the sense asked here. Verdict: Incorrect.

Hence, the correct set is 1 and 2.