The correct answer is 1996. Explanation & Key Takeaways: • In 1996, the Government of India set up a Disinvestment Commission under the Ministry of Industries. • The mandate of the commission was to assess the viability and advice the Government on disinvesting various PSE's through market development and diversifying transfer of ownership of the PSU's for five-ten years period. • Ministry of Industry (Department of Public Enterprises) vide a resolution dated 23 August 1996, constituted a Public Sector Disinvestment Commission for a period of three years under Shri G.V. Ramakrishna along with four other members. • The term was further extended till 30 November 1999. • The Commission submitted reports on 58 PSEs.