What is the primary role of the Insurance Regulatory and Development Authority (IRDA) in India? | Card: 1 / 22 |
To govern and supervise the insurance industry, ensuring the protection of policyholders' interests and promoting growth within the sector. | Card: 2 / 22 |
Fill in the blanks: IRDA is responsible for issuing registration certificates to ___ and regulating them. | Card: 5 / 22 |
How does the Ministry of Corporate Affairs contribute to corporate governance in India? | Card: 9 / 22 |
By administering the Companies Act and overseeing professional bodies to ensure proper growth and compliance in the corporate sector. | Card: 10 / 22 |
What significant recommendations did the Naresh Chandra Committee make regarding auditors? | Card: 11 / 22 |
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Recommendations included auditor independence standards, compulsory audit partner rotation, and disclosure of contingent liabilities. | Card: 12 / 22 |
What is the significance of having independent directors on audit committees according to the Naresh Chandra Committee? | Card: 13 / 22 |
Independent directors enhance the effectiveness and accountability of the audit process, ensuring transparency in financial reporting. | Card: 14 / 22 |
True or False: Conglomerates are formed to focus on a single industry and reduce operational complexity. | Card: 15 / 22 |
False. Conglomerates are formed to diversify risk by participating in unrelated businesses. | Card: 16 / 22 |
To diversify risk across unrelated businesses and to expand within an industry by including suppliers and product purchasers. | Card: 18 / 22 |
Fill in the blanks: The IRDA consists of a ten-member body including one chairman and ___ whole-time members. | Card: 19 / 22 |
What role does the Ministry of Corporate Affairs play in relation to the Competition Act, 2002? | Card: 21 / 22 |
It administers the Competition Act to ensure fair competition and protect consumer interests in the corporate sector. | Card: 22 / 22 |






