The New Indian Consumer Initiative (NICI) in collaboration with PEN Media Literacy hosted a virtual workshop titled “Consumer Interest and the Need for Regulation for Opinion Trading in India”. The session brought together consumer interest organisations from several states like Tamil Nadu, Gujarat, Rajasthan, Uttar Pradesh, and Delhi to discuss the rapid rise of opinion trading in India, accompanying risks to consumers and the need for a structured regulatory framework.
Opinion trading platforms allow users to wager on real-world events such as elections, stock market movements, and economic trends with monetary stakes. These platforms portray themselves in several ways ranging from gaming platforms, trading platforms and even as investment platforms but are outside the purview of relevant regulatory bodies thus increasing risks for consumers. With transaction volumes exceeding ₹50,000 crore annually and over 5 crore users, the platforms have grown on the back of advertisements which often make claims of exaggerated winnings and wagering as a reliable source of income.
“The rapid rise of opinion trading platforms in India is a cause of concern for consumers, where the lines between gaming, trading, and investment are increasingly blurred. These platforms, often marketed as reliable sources of income, are leading to significant financial and mental health risks. There is an urgent need for a coordinated approach to protect consumers, ensure transparency, and promote responsible business practices. We aim to engage with different ministries in our capacity to drive caution and request for intervention against these platforms.” said Mr. Abhishek Kumar, Convener, NICI.