Correct Answer: Insurance Regulatory and Development Authority of India (IRDAI)

Solution : The correct answer is (b) Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for regulating and supervising the functioning of insurance companies in India. It was established under the Insurance Regulatory and Development Authority Act, 1999. The IRDAI ensures that insurance companies comply with the relevant regulations and guidelines, protects the interests of policyholders, promotes the development of the insurance sector, and maintains stability in the insurance market. The Reserve Bank of India (RBI) regulates and supervises banks, while the Securities and Exchange Board of India (SEBI) oversees the securities market in India.