Day 17 – Q 3.How do regulatory bodies protect consumer interests? Analyse.
3. How do regulatory bodies protect consumer interests? Analyse.
नियामक निकाय उपभोक्ता हितों की रक्षा कैसे करते हैं? विश्लेषण करें।
Synopsis:
Globalisation, increase in trade, emergence of new modes of dealings and supplies and e-commerce have created new options and opportunities for consumers. Consumer markets have undergone drastic transformations since the enactment of the 1986 Act. The emergence of global supply chains, rise in international trade and the rapid development of e-commerce have led to new delivery systems for goods and services.
The existing framework does not provide for a Regulator with many powers, so there is a need to introduce new law to protect the consumer from the unfair trade practices.
- The Consumer Protection Bill 2018 provides for establishment of a Regulator called as the Central Consumer Protection Authority, which will be an executive agency to regulate matters relating to violation of rights of consumers, unfair trade practices and false or misleading advertisements which are prejudicial to the interests of public and consumers and to promote, protect and enforce the rights of consumers as a class.
- A complaint relating to violation of consumer rights or unfair trade practices or false or misleading advertisements which are prejudicial to the interests of consumers as a class may be forwarded either in writing or in electronic mode, to the CCPA.
Some Important Regulatory Bodies in India:
RBI – Reserve Bank of India
SEBI – Securities and Exchange Board of India
IRDAI – Insurance Regulatory and Development Authority
PFRDA – Pension Fund Regulatory & Development Authority
However, some of the present regulators who are helping to consumers for their rights as well as regulating the companies to follow the respective laws and to protect the consumer rights at large.
- RBI regulated: The new Ombudsman Scheme launched this year, individuals investing in fixed deposit schemes of non-banking financial companies (NBFCs) now have a government body to fall back upon in case of deficiency in service including any default in their deposits.
- National Consumer Disputes Redressal Commission (NCDRC): It held that not permitting a passenger holding a confirmed ticket to board a flight amounted to deficiency in service on the part of the airline.
- Legal Metrology Act, 2009: which says, Penalty for selling, etc., of non-standard packages – whoever manufactures, packs, imports, sells, distributes, delivers or otherwise transfers, offers, exposes or possesses for sale, or causes to be sold, distributed, delivered or otherwise transferred, offered, exposed for sale any pre-packaged commodity.
- Chhattisgarh Housing Board (CGHB): It has directed to accomplish within a year what it had depicted in its brochure to lure customers ahead of the launching of its housing project.
- TRAI: Regulates mobile network providers and it helps consumer for any wrong doings of the mobile companies.
The Consumer Protection Bill 2018 has introduced many provisions as stated above to keep up with the emerging market trends and further aims to simplify the consumer dispute adjudication process by including provisions for electronic filing and provisions for hearing or examination through video conferencing. Once passed, the Bill will certainly be a step forward towards protecting the rights and interests of consumers.
Best answer: Abhishek singh
