Sectoral regulator
Also called: Sector regulator · Topic: Consumer Rights and Consumer Protection · NCERT: Class 9, Ch 9 "The Price Puzzle: What Drives the Market"
Meaning
A sectoral regulator is a statutory body, meaning one set up by law, that watches over a single sector of the economy. It makes sure that businesses in that sector follow fair practices and are transparent. Each regulator runs its own channel for consumer complaints. This gives consumers a specialist route for complaints about banks, shares, telecom or insurance.
Example
The RBI handles banking complaints through the RBI Integrated Ombudsman Scheme 2021. SEBI uses the SCORES portal. IRDAI uses the Bima Bharosa portal. TRAI runs a DND (Do Not Disturb) registry against spam calls.
Don't confuse with
- CCPA (Central Consumer Protection Authority): the CCPA is a horizontal regulator. It covers consumer rights and unfair trade practices across all sectors, not just one.
- Consumer commissions: commissions decide individual consumer complaints like a court. Regulators supervise a whole sector.