The International Financial Services Centres Authority (IFSCA) has announced an extension for the implementation of its circular on “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC,” initially set for January 15, 2025. Following requests from regulated entities citing operational difficulties, the IFSCA has decided to delay the timeline until April 1, 2025. The extension allows entities more time to align their complaint handling procedures with the circular’s requirements. All other provisions of the circular remain unchanged, and entities are expected to fully comply with the new deadline. This decision comes under the powers granted by the International Financial Services Centres Authority Act, 2019, to regulate financial services within the IFSC. A copy of the circular is available on the IFSCA website.
International Financial Services Centres Authority
Circular F. No. IFSCA-LPRA/3/2024-Legal and Regulatory Affairs Dated: January 13, 2025
To,
1. All Regulated Entities in the IFSC
Madam/Sir,
Sub: Extension of timeline for implementation of the Circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” dated December 02, 2024
1 Reference is drawn to the circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” (“the Circular”) issued on December 02, 2024, mandating the Regulated Entities to align their complaint handling procedures with the norms and requirements specified in the Circular, w.e.f. January 15, 2025.
2. IFSCA has received representations from Regulated Entities requesting an extension of the timeline, citing operational challenges related to the implementation of the Circular within the specified timeframe. After careful review, it has been decided to extend the timeline for implementation of the Circular, as requested.
3. Accordingly, in partial modification of clause 1. (c) of the Circular, it has been decided that the said Circular shall now come into force with effect from April 01, 2025. The Regulated Entities are therefore directed to ensure the implementation of the Circular w.e.f. April 01, 2025, without fail.
4. All other provisions of the Circular shall remain unchanged.
5. This circular is issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres.
6. A copy of this circular is available on the website of International Financial Services Centres Authority at ifsca.gov.in.
Yours faithfully,
Arjun Prasad
General Manager
Division of Consumer Education and Protection
arjun.pd@ifsca.gov.in
+91-079-61809815
