The Reserve Bank is the most known regulator followed by electricity and telecom sectoral watchdogs, CERC and TRAI, says a latest study by CUTS International.
“Awareness regarding regulatory bodies is limited to recognition of their names and knowledge about their basic mandate,” according to the study prepared by NGO CUTS International with support of the Consumer Affairs Ministry.
Region-wise, the awareness regarding regulatory agencies is highest in the north and the west, it said.
Direct, indirect benefits
The study also observed that “about 74 per cent of those who know these regulatory agencies have reported benefiting directly or indirectly from their regulations, while the remaining 26 per cent respondents do not agree to this“.
The survey “State of Indian Consumers 2012’ conducted in 22 States and Union Territories with a sample size of 11,499 highlighted that among eight regulators, the RBI was widely known among people with 40 per cent respondents saying they recognise at least the name of the regulator.
The next in terms of people’s awareness were the Telecom Regulatory Authority of India (27 per cent), Central Electricity Regulatory Commission (26 per cent), Pension Fund Regulatory and Development Authority (25 per cent), and Insurance Regulatory and Development Authority (24 per cent).
The least known regulators were the Securities and Exchange Board of India, Food Safety and Standards Authority of India (16 per cent each) and Forward Markets Commission (8 per cent), the study revealed.
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