The International Financial Services Centres Authority (IFSCA) on December 02, 2024, issued a circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC”.
The IFSCA has issued a consultation paper on August 30, 2024, proposing detailed norms for handling complaints and grievance redressal by regulated entities in the IFSC. The aim is to align complaint handling procedures across various financial services to promote ease of business, especially for entities with multiple registrations. The proposed framework includes requirements such as a complaint handling policy, timelines, appeal mechanisms, maintenance of records, and disclosures. To allow time for compliance, the new regulations will come into effect on January 15, 2025.
The Link for the circular - https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Fcomplaint-handling-and-grievance-redressal-by-regulated-entities-in-the-ifsc02122024015438.pdf&Title=Complaint%20Handling%20and%20Grievance%20Redressal%20by%20Regulated%20Entities%20in%20the%20IFSC&Date=02%2F12%2F2024
