Such Regulatory Authorities are formed by legislature to implement and enforce laws on specific areas for public interest. They have executive functions, judicial functions and quasi-legislative functions.
In order to function well the Regulatory Agencies must be transparent at decision making, giving reasons with explanation to their actions. A legal review to the actions of the Regulatory Agencies can be made by courts of competent jurisdiction or any other authority.
List of Regulatory Bodies in India
There is a huge list of Regulatory Bodies in India. For example, Bar Council of India, Telecom Regulatory Authority of India, Reserve Bank of India, Insurance Regulatory and Development Authority, Pension Fund Regulatory and Development Authority, Securities and Exchange Board of India, Advertising Standards Council of India, Medical Council of India, University Grants Commission, All India Council for Technical Education, Pharmacy Council of India etc.
We have provided the searchable list of important regulatory authorities.