Complaints

Consumer Protection

IFSCA has been established with the objective to develop and regulate the financial services market in the IFSCs in India and for matters connected therewith or incidental thereto, as mentioned in the preamble of the IFSCA Act, 2019. One of the key regulatory functions of the IFSCA is to safeguard the interests of financial consumers. Ensuring consumer protection is crucial for maintaining trust and confidence in the financial markets within the IFSC. IFSCA recognises that robust consumer protection framework enhances long-term market integrity by holding financial service providers accountable, promoting responsible business practices, and contributing to the overall stability of the financial markets in the IFSC.

IFSCA has issued a circular on “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” dated December 02, 2024, detailing the process for handling consumer complaints in IFSCs. Pursuant to Circular dated January 13, 2025, the said mechanism shall be effective with respect to April 01, 2025.

Your Rights as a Financial Consumer

As a financial consumer in the IFSC, you have the right to:

• Fair and transparent handling of your complaints
• Timely redressal of your grievances
• Clear communication about the status of your complaint
• Appeal against decisions you're not satisfied with

Complaint Resolution Process

What constitutes a valid complaint

Your complaint should:

• Be complete and specific
• Include supporting documents
• Relate to financial products/services provided by Regulated Entities in the IFSC
• Appeal against decisions you're not satisfied with

What is NOT considered a complaint

• Anonymous complaints (except whistleblower complaints)
• Incomplete, vague or unspecific complaints
• Allegations without supporting evidence
• General suggestions or guidance requests
• Complaints about unregistered/unregulated activities
• Information requests about financial products

Consumer Education

Understanding your rights and responsibilities as a financial consumer is crucial. We encourage you to:

• Read and understand all documentation before availing financial services
• Keep records of all transactions and correspondence
• Be aware of the complaint handling procedures of your financial service provider
• Know the timelines for filing complaints and appeals

For filing a complaint with IFSCA, send an email:grievance-redressal[at]ifsca[dot]gov[dot]in