Regulatory bodies are essential for several reasons:
1. Consumer Protection: They safeguard consumers from unfair practices, fraud, and unsafe products. 2. Market Integrity: They ensure that businesses operate within the law, maintaining a level playing field and promoting fair competition. 3. Economic Stability: They help prevent financial crises by regulating financial markets and institutions. 4. Public Safety: They enforce standards that protect public health and safety in various industries, such as food, pharmaceuticals, and manufacturing.