Answer» Correct Answer - Option 3 : (2) and (3) only
The correct answer University Grants Commission (UGC) and All India Council for Technical Education (AICTE). - A statutory body or authority means a non-constitutional body that is set up by a parliament.
- Statutory bodies are authorized to pass the law and take the decision on the behalf of state or country.
- The statutory body has official permission for Legislation i.e process of enacting laws.
- Cabinet resolution should be passed to establish this body.
- Some Examples of a statutory body are SEBI i.e. Securities and Exchange Board of India, University Grants Commission (UGC), and All India Council for Technical Education (AICTE)
- The University Grants Commission of India is a statutory body set up by the Department of Higher Education, Ministry of Education.
- The government of India in accordance with the UGC Act 1956 and is charged with coordination, determination, and maintenance of standards of higher education.
- The All India Council for Technical Education is a statutory body, and a national-level council for technical education, under the Department of Higher Education.
- AICTE is founded in November 1945.
- SEBI is a very important regulatory body for the security market in India.
- Another example is the National Commission for OBCs.
- A statutory body does not include the corporations owned by shareholders.
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