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Government regulation is classified into two basic types; social and economic regulation. Social regulation ensures the protection of public interests and social cohesion. In contrast, economic regulation ensures efficiency by curbing market failure and managing the economy effectively.

Regulation in India can be mapped under three broad categories: economic regulation, regulation in the public interest and environmental regulation. Economic regulation aims at preventing or tackling market failure.

Regulatory agencies deal in the areas of administrative law, regulatory law, secondary legislation, and rulemaking (codifying and enforcing rules and regulations, and imposing supervision or oversight for the benefit of the public at large).

There are four primary goals of regulation: restrictive regulation, reactive regulation, proactive regulation, and transparent regulation. Many regulators draw upon some combination of these four ideals in their work. The extent to which each goal is utilized varies from regulator to regulator.

These core regulatory components?regulator, target, command, and consequences?affect the incentives and flexibility that a regulation provides.

Economists distinguish between two types of regulation: economic and social.

Regulators, regulated entities, commands and controls are the operational components that make up a regulatory system.

Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds), self-regulation in psychology, social regulation (e.g. norms), co-regulation, ...