Consumer Charter

Consumer Charter

A. Vision

To establish a resilient and trusted financial market ecosystem in the IFSC that  safeguards financial consumers’ interests and delivers fair, transparent, efficient and  secure financial services.

B. Mission

• To create a robust mechanism that ensures regulated entities act with integrity, accountability, and in the best interests of financial consumers.
• To ensure fair and equitable treatment to financial consumers.
• To ensure responsible business conduct by regulated entities.
• To promote transparency through adequate, accurate and relevant disclosures relating to financial products and financial services provided to consumers.
• To continuously foster financial awareness and education.
• To ensure that financial consumers are made aware of risks involved before making investment decisions.
• To ensure confidentiality of personal data in accordance with the applicable laws.
• To benchmark financial consumer related procedures to global standards valuing consumer’s time and cost.
• To encourage efficiency and quality of services through innovative, digital and technology-driven financial services in the IFSC.
• To facilitate timely and effective grievance redressal mechanisms.

C. Rights of Financial Consumers

• Fair and equitable treatment by regulated entities.
• Quality of services that meet global benchmarks.
• Clear, accurate and timely information about financial products and financial services, including information about associated risks, costs and terms & conditions.
• Receipt of all benefits pursuant to corporate actions declared by the issuer in a timely manner.
• Receipt of all documents related to transactions within the timelines specified in the regulations, circulars, or guidelines notified by IFSCA.
• Freedom of choice of regulated entities and right to exit a product or change a regulated entity under fair and transparent terms.
• Receipt of prompt response from regulated entities, in respect of any queries relating to the products or services offered by them.
• Receipt of amounts due in a timely manner along with details of various charges deducted by the regulated entity or banks associated with the transaction.
• Convenient and secure online digital services by regulated entities, including onboarding and transaction facilities.
• Fair, transparent and timely redressal of grievances.
• Seek information from regulated entities about potential conflicts of interests, if any, relating to the services offered by them.

D. Responsibilities of Financial Consumers

• Transact or engage with IFSCA regulated entities only. Check IFSCA Directory available on the website.
• Deal in financial products and services responsibly and avoid speculative or risky investment decisions without understanding the associated risks.
• Beware of financial scams including on social media.
• Familiarise yourself with the grievance redressal mechanism.
• Provide necessary documents and full, factual information as required under applicable laws.

E. Do’s for Financial Consumers

• Read all relevant documents carefully, including rights, liabilities and associated risks, before signing.
• Maintain updated contact and KYC information with regulated entities.
• Preserve transaction records and communications.
• Use established and secure channels in digital transactions and money transfer.
• Regularly check personal accounts.
• Check the website of IFSCA regularly for information on regulatory developments.
• Report any suspicious activity immediately to IFSCA.

F. Don’ts for Financial Consumers

• Don’t share passwords, OTPs, account numbers or sensitive information with anyone.
• Don’t make cash payments while dealing in any financial product and services in the IFSC.
• Don’t sign blank forms or rely on verbal promises from agents or service providers.
• Don’t fall for schemes or apps promising unrealistic returns.
• Don’t fall for misleading advertisements which may be false, exaggerated, misleading, deceptive or based on assumptions.
• Don’t give consent for usage of data or personal information for any unauthorized activity.
• Don’t deal with unauthorised persons.