The ordinary person finds it increasingly difficult to navigate the redress systems put in place by a plethora of independent regulators (SEBI, IRDA, Banking Ombudsman, Insurance Ombudsman, Electricity regulators etc) and self-regulatory organisations (stock exchanges), which often have their own quasi-judicial complaint and arbitration systems. While India has fairly effective consumer courts, the number of complainants would be significantly higher if people had help in drafting effective complaints and guidance on how to argue their cases.
For example, a person who is cheated by a stockbroker can possibly lodge a complaint with the Economic Offences Wing of the police or simply file an online complaint with the capital market regulator – the Securities & Exchange board of India (SEBI) or the relevant stock exchange. The latter may often be a less expensive and quicker action. Similarly, someone with a complaint against an insurer or a bank can approach a consumer court, which is simple, or in certain situations may get swift remedies by approaching the Insurance Ombudsman or Banking Ombudsman.ACCESS LRC