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Consider the following statements regarding the Self-Regulatory Organisation:
- It is a non-governmental organisation that sets and enforces rules and standards.
- Its primary aim is to protect the customers and promote professionalism in an industry.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Self-Regulatory Organi...
The correct answer is option C, both statements 1 and 2 are correct.
Self-regulatory organizations (SROs) are non-governmental organizations that are responsible for setting and enforcing rules and standards within a specific industry or profession. These organizations operate independently of government control and are typically made up of professionals and experts in the field they regulate.
1. Non-Governmental Organization:
SROs are independent bodies that are not controlled by the government. They are created and run by the industry or profession they serve. This independence allows them to set rules and standards that are tailored to the specific needs and requirements of the industry. Unlike government regulations, SRO rules are often more flexible and can adapt more quickly to changes in the industry.
2. Protecting Customers and Promoting Professionalism:
The primary aim of SROs is to protect customers and promote professionalism within the industry. They do this by establishing and enforcing rules and standards that govern the conduct of professionals in the industry. These rules are designed to ensure that customers are treated fairly, that professionals meet certain competency and ethical standards, and that the industry operates in a transparent and trustworthy manner.
SROs may have various mechanisms in place to achieve these objectives. They may require professionals to undergo training and obtain certifications to demonstrate their competence. They may also establish codes of conduct that outline expected ethical behavior and provide guidelines for resolving disputes between professionals and customers. Additionally, SROs may have disciplinary powers to sanction professionals who violate the rules and standards they have set.
Overall, SROs play a crucial role in self-regulation within industries, ensuring that customers are protected, professionals adhere to high standards of conduct, and the industry operates in a fair and transparent manner.
Self-regulatory organizations (SROs) are non-governmental organizations that are responsible for setting and enforcing rules and standards within a specific industry or profession. These organizations operate independently of government control and are typically made up of professionals and experts in the field they regulate.
1. Non-Governmental Organization:
SROs are independent bodies that are not controlled by the government. They are created and run by the industry or profession they serve. This independence allows them to set rules and standards that are tailored to the specific needs and requirements of the industry. Unlike government regulations, SRO rules are often more flexible and can adapt more quickly to changes in the industry.
2. Protecting Customers and Promoting Professionalism:
The primary aim of SROs is to protect customers and promote professionalism within the industry. They do this by establishing and enforcing rules and standards that govern the conduct of professionals in the industry. These rules are designed to ensure that customers are treated fairly, that professionals meet certain competency and ethical standards, and that the industry operates in a transparent and trustworthy manner.
SROs may have various mechanisms in place to achieve these objectives. They may require professionals to undergo training and obtain certifications to demonstrate their competence. They may also establish codes of conduct that outline expected ethical behavior and provide guidelines for resolving disputes between professionals and customers. Additionally, SROs may have disciplinary powers to sanction professionals who violate the rules and standards they have set.
Overall, SROs play a crucial role in self-regulation within industries, ensuring that customers are protected, professionals adhere to high standards of conduct, and the industry operates in a fair and transparent manner.
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Consider the following statements regarding the Self-Regulatory Organi...
Recently, the Reserve Bank of India (RBI) Governor asked fintech entities to form a Self-Regulatory Organisation (SRO).
About Self Regulatory Organisation:
- It is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members).
- Aim: Protecting the customer and promoting ethics, equality, and professionalism.
- These are typically collaborating with all stakeholders in framing rules and regulations.
What are the functions of an SRO?
- The recognised SRO will serve as a two-way communication channel between its members and the RBI.
- It will work towards establishing minimum benchmarks and standards and help instill professional and healthy market behaviour among its members.
- These will impart training to the staff of its members and others and will conduct awareness programmes.
- It will establish a uniform grievance redressal and dispute management framework across its members.
Hence both statements are correct.
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Consider the following statements regarding the Self-Regulatory Organisation: It is a non-governmental organisation that sets and enforces rules and standards. Its primary aim is to protect the customers and promote professionalism in an industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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