Listen to this article
In a circular issued today, the International Finance Services Center Authority (IFSCA) said that all the regulated entities in the IFSC like AMCs, PMS and AIFs will have to dispose of the complaints within 15 days from the date of receipt of a complaint. However, the regulator has given a 30-day window in certain cases to redress the complaints.
The circular also says that the regulated entity has the option of either resolving the complaint or rejecting the complaint. Such a decision has to be taken after following a well-defined process in a fair, transparent, professional and impartial manner.
Further, if a complainant is not satisfied with the resolution or if the complaint has been rejected, the complainant may file an appeal before the Complaint Redressal Appellate Officer (CRAO) of the regulated entity within 21 days from the receipt of the decision from the complaint redressal officer (CRO).
Here are other key regulations regarding the grievance redressal issued by the IFSC:
- Regulated entity will have to appoint a senior level person as CRAO for handling appeals of consumers against the decision taken by the CRO
- CRO should also be the employee of the entity
- Every entity will have to set up a policy for handling complaints and grievance redressal, duly approved by its governing body or its board of directors
- The regulated entity should acknowledge the acceptance or non-acceptance of the complaint within 3 and 5 working days, respectively
- In case of non-satisfaction, the complainant can file a complaint before the Authority through email to grievance-redressal@ifsca.gov.in within 21 days from the receipt of the decision from the regulated entity
- The regulated entity will have to maintain all records relating to handling of complaints including correspondence exchanged, information and documents examine, the outcome of the complaints and the reasons for the decisions taken by the regulated entity