New Delhi. There are many investment options available in the market. Many companies associated with financial products make big promises to customers. In the pursuit of attractive returns, people often fall prey to mis-selling. When an investor tries to lodge a complaint against a product sold in a wrong manner, the seller of the financial product washes his hands off the matter and the only recourse left for the investor is to lodge a complaint on the IVR of the Investor Protection Helpline.
These helplines often have interactive voice response (IVR) systems with robotic automated responses that provide little relief. In such a situation, the customer either gets lost in the quagmire of automated IVRs or keeps making rounds of offices and banks. But now customers are going to get relief from all this very soon. The government is working towards setting up an online dispute resolution platform, where it will be easy to register complaints and get a resolution to the complaint.
Government is preparing a new plan
According to experts, the online dispute resolution platform will be an independent technological platform that will not be linked to any company selling financial products and services like insurance or mutual funds. The body will be a licensed regulator – empowered to settle such cases. Such platforms will make life easier for investors with the help of modern technologies like blockchain, AI, machine learning and smart case management.
committee was constituted
The trend of online dispute resolution is rapidly gaining momentum in the country. After PhonePe and UPI, market regulator SEBI has also recently launched its online dispute resolution platform. The Government of India has formed a committee under former Law Secretary TK Vishwanathan, which is working fast on the online dispute resolution platform. So that investors can get a fair hearing of their cases.
Tags: Modi government, Modi Govt
FIRST PUBLISHED : August 23, 2023, 11:01 IST