IBBI Proposes to Extend the Timeline for Filing Grievances or Complaints to 30 Days to Strengthen Redressal Mechanism

Discussion Paper; Dated: 19.11.2024

IBBI has released a discussion paper on reviewing the grievance redressal and enforcement framework and rationalising timelines regarding authorisation for assignment. The IBBI has proposed extending the timelines for filing grievances or complaints to 30 days from the closure of the process by an order of the Adjudicating Authority, Appellate Authority, or Court. This extension would grant stakeholders an appropriate time frame to report concerns, while also preserving a reasonable period for the service provider post-closure.

Further, IBBI has proposed rationalising timelines regarding the application and processing of AFA by IPAs. The relaxation of timelines would ensure operational efficiency at the IPA level while providing IPs with greater flexibility in ensuring the continuity of their AFA.

Click Here To Read The Full Update