Which among the following is /are correct regarding the regulatory norms applicable for the Third Party Administrators (TPAs)? I. The foreign shareholding in TPAs cannot exceed 49% at any point of time. II. One of the members of the TPA should be a doctor registered with the Medical Council of India. III. The license is granted to TPAs for a period of 1 year after which it is required to be renewed.

• A. Both I and II
• B. Both II and III
• C. Both I and III
• D. Only III
• E. All I, II and III