The correct answer is option 1 and 2: the Ad Hoc Committee set up by Parliament and the Parliamentary Department Related Standing Committee both play critical roles in reviewing the functioning of independent regulators in sectors such as telecommunications, insurance, and electricity in India. The Ad Hoc Committee typically examines specific issues or evaluates the performance of regulatory bodies, while the Standing Committees conduct regular oversight and report on the effectiveness and accountability of these regulators, ensuring that they adhere to their mandates and serve the public interest. This framework aligns with the principles of parliamentary oversight and governance, key themes often highlighted in UPSC Prelims preparation materials.