GRIEVANCE REDRESSAL AGENCIES
GRIEVANCE REDRESSAL AGENCIES
- Overview: Grievance redressal agencies are responsible for addressing complaints related to various financial activities.
- Key Regulators:
- Reserve Bank of India (RBI): Handles grievances related to non-banking finance companies, nidhi or mutual benefit societies, and gold saving schemes.
- Ministry of Corporate Affairs (MCA): Oversees deposits accepted by companies under Section 73 of the Companies Act.
- State Governments: Regulate cooperative societies, chit fund businesses, and multi-level marketing schemes.
- Insurance Regulatory and Development Authority of India (IRDAI): Addresses grievances related to insurance contracts and unit-linked insurance plans.
- Pension Fund Regulatory and Development Authority (PFRDA): Handles complaints related to pension schemes and the new pension system.
- National Housing Bank: Regulates housing finance institutions.
- Securities and Exchange Board of India (SEBI): Addresses grievances against companies, intermediaries in the securities market, and other related issues.
Categories of Activities and Concerned Regulators
- Mobilization of Deposits: RBI
- Nidhi or Mutual Benefit Society: RBI
- Gold Saving Schemes: MCA / RBI
- Deposits accepted by Companies: MCA
- Schemes offered by Cooperative Societies: State Governments
- Chit Fund Business: State Governments
- Multi-Level Marketing Schemes: State Governments
- Contract of Insurance: IRDAI
- Unit Linked Insurance Plan: IRDAI
- Pension Scheme or Insurance Scheme: PFRDA or IRDAI
- New Pension System: PFRDA
- Housing Finance Institutions: National Housing Bank
- Grievances against Companies or Intermediaries in Securities Market: SEBI
Contact Information for Grievance Redressal
- SEBI Helpline: Toll-free helpline number 1800 266 7575 or 1800 22 7575
- SEBI Website: www.scores.gov.in