Has any insurance or mutual fund been defrauded by making huge false claims? If you want to teach a lesson then the government will give you weapons! – Online dispute resolution is a public facing digital space that can convene to resolve a dispute or case.

New Delhi. There are many investment options available in the market. Many companies related to financial products make big promises to customers. In pursuit of attractive returns, people often become victims of mis-selling. When an investor tries to lodge a complaint against a mis-sold product, the seller of the financial product walks away 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 some relief. In such a situation, the customer either gets lost in the quagmire of automatic IVR 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 complaint resolution.

Government is preparing a new plan
According to experts, the online dispute resolution platform will be an independent technical platform which will not be linked to any company selling financial products and services like insurance or mutual funds. The body will be a licensed regulator – which will be given the authority to deal with 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 formed
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 constituted a committee under former Law Secretary TK Vishwanathan, which is working rapidly on the online dispute resolution platform. So that investors can get a fair hearing of their cases.