Complaint Handling and Grievance Redressal
A. General Provisions
1. Policy Framework
BPL IFSC shall maintain a duly approved policy on handling complaints and grievance redressal, approved by its Governing Body/Board of Directors. The policy ensures a fair, transparent, and timely system for receiving, processing, and resolving complaints.
2. Applicability & Scope
The policy and procedures shall be designed considering the nature, scale, complexity, size, and organizational structure of the Entity. The policy shall clearly define what constitutes a complaint, in line with the financial products and services offered. Matters not considered as complaints shall be in accordance with Schedule-I of the relevant circular.
3. Disclosure
This policy shall be prominently displayed on the Entity’s website or its Group Entity’s dedicated webpage under the heading: “Complaint Handling and Grievance Redressal”. The Complaint Redressal Officer (CRO) and Complaint Redressal Appellate Officer (CRAO) with their names and contact details shall be prominently displayed on the website.
B. Additional Requirements for Entities Dealing with Retail Consumers
I. Complaint Handling Procedure
1. Acknowledgement
CRO to assess complaints on merit:
If accepted → written acknowledgement within 3 working days.
If not accepted → inform complainant within 5 working days with reasons.
2. Examination & Resolution
Complaints shall be processed fairly, transparently, impartially, and professionally. CRO must have sufficient authority or access to higher authority for resolution. If CRO is involved in the subject transaction, another designated officer shall handle the complaint. Entity may seek additional information from complainant during review. Resolution/rejection to be completed preferably within 15 days but not later than 30 days. If rejected, written reasons shall be provided.
II. Appeal Mechanism
1. Right to Appeal
If dissatisfied or rejected, complainant may appeal to the CRAO within 21 days of CRO’s decision.
2. Designation of CRAO
CRAO shall be at the level of or one level below a Key Managerial Personnel (KMP). In case of a branch, CRAO may be designated from parent entity, if permissible.
3. Timeline for Appeal Disposal
CRAO shall dispose of the appeal within 30 days.
III. Complaint before the Authority
If complainant remains dissatisfied after exhaustion of Entity’s appellate mechanism, they may approach the IFSCA at grievance-redressal@ifsca.gov.in within 21 days of the Entity’s decision. In case of complaints against a trading/clearing member, depository participant, or bullion member: Complainant must first approach the relevant Market Infrastructure Institution (MII). If dissatisfied, they may approach IFSCA thereafter.
C. Record Maintenance
1. Entity shall maintain records (in electronic retrieval form) of:
Complaints received, processed, resolved and rejected. All correspondence with complainants. Documents/information relied upon during review. Reasons for rejection, if any. Timelines of processing. Complete complaint data set.
2. Retention Period:
Minimum 6 years from date of disposal.
Extended till final closure of litigation/proceedings, if any.
D. Reporting & Disclosures
1. Regulatory Reporting
Entity shall file complaint-handling reports as per IFSCA specifications.
2. Annual Disclosures
Annual Report shall include a section titled “Complaint Handling and Grievance Redressal”, with complaint statistics (received, resolved, rejected, pending) in tabular/graphical form. If not required to file Annual Report, complaint data shall be published annually on website/dedicated webpage.
E. Online Complaint System
Depending on business nature, scale, and complexity, Entity may develop an online complaint management system for efficient redressal.
F. Role of Compliance Officer
The Compliance Officer shall ensure that the Complaints are handled as per regulatory requirements.
Responsibilities under other applicable regulations continue to apply.
Date : September 18, 2025