Complaint Handling and Grievance Redressal Policy

VSV Securities (IFSC) Pvt. Ltd.
(Under IFSCA Circular No. F. No. IFSCA-LPRA/3/2024-Legal and Regulatory Affairs /IFSCA/CMI Supervision/2024-25)

Objective Of Policy

This policy establishes a structured framework for the receipt, examination, and resolution of complaints and grievances received by VSV Securities (IFSC) Pvt. Ltd. in accordance with the guidelines prescribed by the International Financial Services Centres Authority (IFSCA).

The purpose of this policy is to ensure that all complaints are handled fairly, transparently, efficiently, and within defined timelines. This policy applies to all complaints received from clients, counterparties, or other stakeholders in relation to financial products or services offered by VSV Securities (IFSC) Pvt. Ltd.

It Covers:

• All service-related complaints
• Grievances relating to operational activities, documentation, or execution
• Complaints involving intermediary conduct or delays

Definition of a Complaint

A complaint is any written or electronic communication from a client or stakeholder alleging:

• Deficiency in service,
• Delay or inaction by the Company,
• Misrepresentation, error, or procedural lapse, or
• Non-adherence to contractual or regulatory obligations.


Matters not considered as ‘complaints’ (illustrative):

• Routine service requests or information inquiries.
• Disputes already under arbitration or litigation.
• Anonymous or frivolous complaints without supporting details.

Complaint Handling Procedure

Step 1: Receipt of Complaint

Complaints may be received through:

1. Email
2. Website grievance form
3. Letter/courier addressed to CRO
4. In-person submission at office premises

Step 2: Acknowledgment

• The CRO shall acknowledge receipt of a complaint within 3 working days of receipt, indicating the complaint reference number and expected timeline for resolution.
• If the complaint is not accepted (for reasons such as inefficient information or non-qualifying nature), the complainant shall be informed within 5 working days along with written reasons.

Step 3: Examination and Processing

• The complaint shall be examined in a fair, transparent, and impartial manner.
• The CRO shall have authority to resolve the complaint or may refer it to appropriate senior personnel.
• If the CRO was involved in the transaction complained about, another designated officers shall handle it to ensure impartiality.
• Additional information may be sought from the complainant where required.

Step 4: Resolution Timeline

• Complaints shall be resolved or rejected within 15 days, and in no case later than 30 days of acceptance.
• In case of rejection, the reasons shall be communicated in writing.

Appeal Mechanism

• a) If the complainant is not satisfied with the decision of the CRO, an appeal may be filed before the Complaint Redressal Appellate Officer (CRAO) within 21 days of receipt of the decision.
• b) The CRAO shall be a senior official, who is independent of the original complaint handling.
• c) The CRAO shall dispose of the appeal within 30 days of receipt and issue a written decision.

Complaint Escalation to the Authority

If the complainant is not satisfied after exhausting the Company’s grievance mechanism, they may escalate the complaint to the International Financial Services Centres Authority (IFSCA) within 21 days from receipt of the Company’s final decision.

Contact for Escalation:

Email: helpdesk@ifsca.gov.in