The correct answer is option 'C', which states that the Genetic Engineering Appraisal Committee (GEAC) is constituted under the Environment (Protection) Act, 1986. Let us understand the significance and role of the GEAC in detail.

Introduction to Genetic Engineering Appraisal Committee (GEAC):
The Genetic Engineering Appraisal Committee (GEAC) is the apex body in India responsible for regulating the research, development, and application of organisms and products of modern biotechnology. It was established under the Environment (Protection) Act, 1986, which grants it the authority to assess and evaluate the potential risks and benefits associated with genetically modified organisms (GMOs) and products derived from genetic engineering.

Key Functions of the GEAC:
a) Regulatory Approvals: The GEAC is responsible for granting approvals for the environmental release of GMOs, including genetically modified crops, animals, and microorganisms. It evaluates the potential risks to human health, biodiversity, and the environment before granting such approvals.

b) Research and Development Oversight: The committee oversees the research and development activities related to genetic engineering. It ensures compliance with biosafety guidelines and protocols to prevent any adverse impacts on the environment and human health.

c) Policy Formulation: The GEAC plays a crucial role in formulating policies and guidelines for the safe handling, transportation, and use of GMOs. It ensures that the development and application of genetic engineering technologies align with national environmental and biosafety regulations.

d) Monitoring and Enforcement: The committee is responsible for monitoring and enforcing compliance with the conditions and restrictions imposed on the environmental release of GMOs. It conducts periodic inspections and assessments to evaluate the post-release impacts and takes necessary actions to mitigate any adverse effects.

e) Public Consultation: The GEAC promotes transparency and public participation in decision-making processes related to genetic engineering. It conducts public consultations and seeks expert opinions to ensure that all stakeholders' concerns and viewpoints are considered before granting approvals.

Conclusion:
The Genetic Engineering Appraisal Committee (GEAC) is a statutory body constituted under the Environment (Protection) Act, 1986. It plays a crucial role in evaluating and regulating the environmental release of genetically modified organisms (GMOs) in India. By ensuring compliance with biosafety guidelines and conducting thorough risk assessments, the GEAC aims to safeguard human health, biodiversity, and the environment while promoting responsible and sustainable applications of genetic engineering technologies.