In the question given below, the sentence is divided into three parts I, II and III. For each part an alternate statement is also given. You have to determine if a part requires correction, and then mark that as your answer.

Markets regulator, the Securities and Exchanges Board of India (Sebi), has set up / multiple committees to flesh out an ideal, but practicable corporate governance framework / to insure that companies are fair to shareholders and broadly aligned with society’s requirements.

I.Markets regulator, the Securities and Exchanges Board of India (Sebi), has been set up

II. multiple committees to fleshed out an ideal, but practicable corporate governance framework 

III.to ensure that companies are fair to shareholders and broadly aligned with society’s requirements.