On Aug. 30, IND IFSCA proposed framework for complaint handling.
IND IFSCA issued Consultation paper on complaint handling and grievance redressal.
Proposal
The framework is designed to align with global standards and practices from bodies like IOSCO, IAIS, and Basel, focusing on consumer protection and market fairness.
Emphasizes the importance of efficient complaint handling systems as a core objective of securities regulation by referencing IOSCO's principles and methodologies.
Discusses best practices in complaint handling, redressal across various international jurisdictions, providing examples from countries such as Argentina, Australia, India.
Details the regulatory expectations for complaint handling procedures within IFSCs, including timelines for complaint resolution and roles of designated officers.
Specifies the requirements for internal and external dispute resolution mechanisms, ensuring that financial entities have robust systems for addressing complaints.
Consultation End
The consultation is open to comments and suggestions until Sep. 20, 2024.
Dec. 2024 Framework Finalized
On Dec. 2, 2024, IND IFSCA released circular titled Complaint handling and grievance redressal by regulated entities in the IFSC; standardizes complaint handling norms.
Regulated entities must comply with the new framework by Jan. 15, 2025.
Regulators
IND IFSCA
Entity Types
B/D; IA
Reference
Cir F. No. IFSCA-LPRA/3/2024-Legal and Regulatory Affairs, PR 12/2/2024; CP 8/30/2024
