“Rules and regulations are required for the protection of the consumers in the market place”. Justify the statement with arguments.
Rules and regulations are required to safeguard the interest and rights of consumers in the market and to provide them speedy redressal of their grievances. For example, a person
purchases a television set from a shop and it turns out to be defective. The consumer takes the television set to the shopkeeper for repair. The shopkeeper renders sales service by charging Rs 500 as a service charge, while it has been repaired within the warranty period. Thus, rules and regulations are required to protect consumers mainly because of their helpless position and unfair business practices.