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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC

02-Dec-2024 | F. No. IFSCA-LPRA/3/2024-Legal and Regulatory Affairs

IFSCA has issued a circular regarding Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC, effective from 15th January 2025. Key highlights- 1. The circular is applicable to all Regulated Entities regulated by IFSCA dealing with any consumer other than their Group Entities. The circular is not applicable to Foreign University, a Foreign Educational Institution, an Ancillary Service Provider, a BATF Service Provider, a Finance Company / Finance Unit engaged in aircraft leasing or ship leasing and global/regional corporate treasury centre in the IFSC. 2. Regulated Entities are required to have a policy on handling of complaints and grievance redressal, which needs to be approved by either the entity's governing body or its Board of Directors. 3. There shall be an appeal mechanism in case the complainant is unsatisfied with the resolution provided by the Regulated Entity or if the complaint has been rejected by the Regulated Entity. 4. RE's are also required to maintain records relating to handling of complaints as provided in Para 5 of the circular. Kindly refer to the attached documents, for more information.

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