1. Title
Policy on Complaint Handling, Grievance Redressal & Dispute Resolution (“Policy”)
2. Objective
In the present competitive scenario, excellence in investor service is the most important tool for sustained business growth. PGP Advisors LLP has always given high priority to investor satisfaction. Providing prompt and efficient response to any investor request/query/grievance/complaint is essential, not only to attract new investors, but also to retain the existing ones. This Policy aims at appropriately handling Fund investors requests/queries/grievances/complaints through a framework of proper service delivery and review mechanism as well as to ensure prompt redressal of the same. In order to make redressal mechanism more meaningful and effective, a structured system should function, which should ensure that redressal sought is just and fair and within the given framework of rules and regulations.
3. Regulatory Background
- SEBI Circular No. CIR/MIRSD/3/2014 dated August 28, 2014 Information regarding Grievance Redressal Mechanism
- SEBI Circular No. CIR/OIAE/1/2014 dated Dec 18, 2014 (SCORES) Redressal of investor grievances through SEBI SCORES
- SEBI circular NO SEBI/HO/OIAE/IGRD/CIR/P/2018/58 dated March 26, 2018
- SEBI Circular SEBI/HO/OIAE/IGRD/CIRP/2019/86 dated August 02, 2019 Streamlining issuance of SCORES Authentication for SEBI registered intermediaries
- SEBI circular SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 7, 2022
- SEBI circular SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/145 dated August 11, 2023, read with circular reference no SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023
4. Applicability
This Policy is applicable to PGP Advisors LLP (herein after known as “Investment Manager”) which is acting as investment manager to various Alternative Investment Fund (AIF) and its schemes registered with SEBI.
5. Implementation / Process
The Policy is essentially based on the below noted guiding principles:
- Our investors will be treated fairly at all times.
- Grievances/complaints raised by our investors will be dealt with promptly and with due courtesy.
- Our investors will be informed of the avenues to escalate their complaints/grievances within the organization.
- Investment Manager will deal with all complaints efficiently and fairly, being deeply cognizant of the fact that the smallest of complaints can damage the company’s reputation and standing, if not attended to properly; and
- The employees of Investment Manager will work in good faith and without prejudice to the interests of the investor.
The brief process to handle investor requests/queries/grievances/complaints is as stated below (detailed process given later):
- If the Investor wants to lodge or register requests/queries/grievances/complaint, Investment Manager will provide them with all the information and details required by them with respect to the lodge or register requests/queries/grievances/complaints.
- In case if the manager fails to redress the investors complaints, the Investors can then lodge their direct complaints through SEBI’s web based centralized grievance redress system called SEBI Complaint Redress System (SCORES) at http://scores.gov.in.
- Investment Manager will inform Investors as and when required with respect to the procedures for handling requests/queries/grievances/complaints fairly and quickly.
- If the Investor requests/queries/grievances/complaint is received in writing, Investment Manager will provide an immediate acknowledgement. If an Investor requests/queries/grievances/complaint is received over phone or through email, Investment Manager will acknowledge the same and will keep the investor informed of the progress within a reasonable period of time. Investors who wish to lodge complaints on SCORES are first required to register themselves on www.scores.gov.in by clicking on “Register here” under the “Investor Corner”. While filing the registration form, details like Name of the investor, Permanent Account Number (PAN), contact details, email id, Aadhaar card number(optional), Central KYC (CKYC) ID (optional) etc. are required to be provided for effective communication and speedy redressal of the grievances. Upon successful registration, a unique user id and a password shall be generated and communicated through an acknowledgement email to the complainant. Alternatively, the investors may also contact the Investor Associations (IAs) recognized by SEBI for any assistance in filing complaints on SCORES.
- After examining the Reports (Investment Manager will ensure to send out an interim reply i.e. Action Taken Reports (ATRs’) as early as possible, but not later than 10 days and the final response within 30 days of receipt of complaint.
- As per SEBI circular CIR/MIRSD/3/2014 dated August 28, 2014, details on grievance redressal mechanism has to be prominently displayed in their offices. The format is enclosed as Annexure 1.
5PROCESS
An endeavor to provide centralized management and tracking of investor grievances, the following process has been set for gathering information related to service requests, queries, grievances and complaints received – (a) directly from investors, (b) through distributors/ agents, (c) through regulators i.e. SEBI, etc., (d) any other source not specifically mentioned here.
Ab. Touch Points
The following are the touch points through which investors (existing or prospective) can seek clarifications & get their concerns addressed:
- Telephone Number of the Investment Manager
- – Tel. No.: +91 9820183791/ Compliance officer - +91 9819567578
- Email of Investment Manager
- investor@pantheragp.com
- mansi@pantheragp.com or
- rikin@pantheragp.com
- Letter
- Investors may also write to:
- the Compliance officer/ Designated Partner
-
- PGP Advisors LLP
- Unit 301, The Executive Centre, Ascent-
- Worli, Sudam Kalu Ahire Marg,
- Worli, Mumbai 400025
-
- SEBI SCORES PLATFORM
- Investors have the option to raise a grievance or complaint through the SEBI SCORES Platform at http://scores.gov.in. The scores id of the Fund is AIF00885
B. Collation
The Compliance Officer will be responsible for collation of all service requests, queries, grievances and complaints received from various touch points.
Any service requests, queries, grievances and complaints received:
- at a number other than the designated telephone number or
- at an email id other than the designated email ids
- by way of a letter at an address other than the designated address should be immediately brought to the attention of the Compliance Office
- Any grievance or complaint received from SEBI (through the SCORES Portal) shall be promptly forwarded by the Compliance Team.
All service requests, queries, grievances and complaints received will be recorded in investor grievance register.
C. Tagging
All concerns raised by investors will be tagged and bucketed as per below, Investment Manager as per his discretion bifurcate the investor request in the below bifurcation.
(a) Service Request
(b) Query
(c) Grievance
(d) Complaints
Data of all such service requests, queries, grievances and complaints will be maintained by the Compliance officer
In case of any doubt with respect to tagging / classification of a particular case the Compliance Team shall consult the Designated Partner.
D. Escalation matrix
If grievances and complaints is not resolved and the time limit exceeds 15 days from the receipt, the said will be escalated to Designated Partner of Investment Manager.
E. Grievances or Complaint received through SCORE
Compliance Officer will redress the grievance within 30 days from the date of receipt of SCORE failing which the complaint shall be registered in SCORES. The Compliance Officer shall update the action taken report (ATR) along with supporting documents, if any, electronically in SCORES. The proof of dispatch of the reply of the Compliance Officer to the concerned investor should also be uploaded in SCORES and preserved by the Compliance Officer for future reference.
A complaint shall be treated as resolved/disposed/closed only when SEBI disposes/closes the complaint in SCORES. Failure by Investment Manager to file ATR under SCORES within thirty days of date of receipt of the complaint shall not only be treated as failure to furnish information to SEBI but shall also be deemed to constitute non-redressal of investor complaint.
In this case, the grievance is not closed by the Investment Manager, the complaint shall be lodged on SCORES within one year from the date of cause of action, where;
- The complainant has approached the Investment Manager, for redressal of the complaint and,
- The Investment Manager has rejected the complaint or,
- The complainant has not received any communication from the Investment Manager or,
- The complainant is not satisfied with the reply received or the redressal action taken by the Investment Manager
The following types of complaints shall not be dealt through SCORES:
- Complaints against companies which are unlisted/delisted and companies on Dissemination Board of Stock Exchanges (except complaints on valuation of securities).
- Complaints relating to cases pending in a court or subject matter of quasi-judicial proceedings, etc.
- Complaints falling under the purview of other regulatory bodies such as Reserve Bank of India, (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority of India (PFRDAI), Competition Commission of India (CCI), or complaints falling under the purview of other ministries.
- Complaints against a company under resolution under the relevant provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
- Complaints against the companies where the name of company is struck off from Register of Companies (RoC) or a vanishing company as published by MCA.
- Liquidated Companies or companies under liquidation.
F. Disclosure
On Quartely basis the status of investor complaints shall be updated to the Designated Partners of the Investment Manager and on the annual basis it will be updated in the PPM as directed by the SEBI as per Circular No. SEBI/HO/IMD/IMD-I/DOF9/P/CIR/2021/682 dated December 10, 2021
G. ARBITRATION & DISPUTE RESOLUTION
All disputes, differences, claims and questions whatsoever arising between the investor and Investment Manager and/or their respective representatives shall be settled in accordance with the provision of The Arbitration and Conciliation Act, 1996 or any statutory requirement, modification or re-enactment thereof for the time being in force. Such arbitration proceedings shall be held at Mumbai or such other place as Investment Manager thinks fit. The Arbitration shall be held in English. The Arbitration Award shall be treated as final and shall be binding on both parties.
This arbitration clause is subject to the jurisdiction of courts in Mumbai only. The arbitration will be presided over by three arbitrators: one each appointed by the disputing parties and the other chosen by the other 2 (two) arbitrators so nominated by the parties. The arbitrators shall be persons of professional repute who are not directly or indirectly connected with any of the Parties to this Agreement. They shall have prior experience as arbitrators. Each party will bear the expenses / costs incurred by it in appointing the arbitrator and for the arbitration proceedings. However, the cost of appointing the presiding arbitrator will be borne equally by both the parties.
Further, the SEBI vide circular reference no SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/145 dated August 11, 2023, read with circular reference no SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023, has introduced a common Online Dispute Resolution Portal ("ODR Portal"). The said ODR portal harnesses online conciliation and online arbitration for resolution of disputes.
Initiation of the dispute resolution process (as stated in the Circular):
- An investor shall first take up his/her/their grievance with the AIF by lodging a complaint directly with the concerned AIF as provided above.
- If the grievance is not redressed satisfactorily, the investor may, in accordance with the SCORES guidelines, escalate the same through the SCORES Portal in accordance with the process laid out therein and as provided above.
- After exhausting these options for resolution of the grievance, if the investor is still not satisfied with the outcome, he/she/they can initiate dispute resolution through the ODR Portal.
- Alternatively, the investor/client could initiate dispute resolution through the ODR Portal if the grievance lodged with the concerned AIF was not satisfactorily resolved or at any stage of the subsequent escalations mentioned in the points 1), 2) and 3) above prior to or at the end of such escalation/s). The concerned AIF may also initiate dispute resolution through the ODR Portal after having given due notice of at least 15 calendar days to the investor/client for resolution of the dispute which has not been satisfactorily resolved between them.
- The dispute resolution through the ODR Portal can be initiated when the complaint/dispute is not under consideration in terms of the points 1), 2) and 3) above or SCOREs guidelines as applicable or not pending before any arbitral process, court, tribunal or consumer forum or are non-arbitrable in terms of Indian law (including when moratorium under the Insolvency and Bankruptcy Code is in operation due to the insolvency process or if liquidation or winding up process has been commenced against the AIF).
- The dispute resolution through the ODR Portal can be initiated when within the applicable law of limitation (reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later). An investor shall first take up his/her/their grievance with the AIF by lodging a complaint directly with the concerned AIF as provided above.
- If the grievance is not redressed satisfactorily, the investor may, in accordance with the SCORES guidelines, escalate the same through the SCORES Portal in accordance with the process laid out therein and as provided above.
- After exhausting these options for resolution of the grievance, if the investor is still not satisfied with the outcome, he/she/they can initiate dispute resolution through the ODR Portal.
- Alternatively, the investor/client could initiate dispute resolution through the ODR Portal if the grievance lodged with the concerned AIF was not satisfactorily resolved or at any stage of the subsequent escalations mentioned in the points 1), 2) and 3) above prior to or at the end of such escalation/s). The concerned AIF may also initiate dispute resolution through the ODR Portal after having given due notice of at least 15 calendar days to the investor/client for resolution of the dispute which has not been satisfactorily resolved between them.
- The dispute resolution through the ODR Portal can be initiated when the complaint/dispute is not under consideration in terms of the points 1), 2) and 3) above or SCOREs guidelines as applicable or not pending before any arbitral process, court, tribunal or consumer forum or are non-arbitrable in terms of Indian law (including when moratorium under the Insolvency and Bankruptcy Code is in operation due to the insolvency process or if liquidation or winding up process has been commenced against the AIF).
- The dispute resolution through the ODR Portal can be initiated when within the applicable law of limitation (reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later).
- An investor shall first take up his/her/their grievance with the AIF by lodging a complaint directly with the concerned AIF as provided above.
- If the grievance is not redressed satisfactorily, the investor may, in accordance with the SCORES guidelines, escalate the same through the SCORES Portal in accordance with the process laid out therein and as provided above.
- After exhausting these options for resolution of the grievance, if the investor is still not satisfied with the outcome, he/she/they can initiate dispute resolution through the ODR Portal.
- Alternatively, the investor/client could initiate dispute resolution through the ODR Portal if the grievance lodged with the concerned AIF was not satisfactorily resolved or at any stage of the subsequent escalations mentioned in the points 1), 2) and 3) above prior to or at the end of such escalation/s). The concerned AIF may also initiate dispute resolution through the ODR Portal after having given due notice of at least 15 calendar days to the investor/client for resolution of the dispute which has not been satisfactorily resolved between them.
- The dispute resolution through the ODR Portal can be initiated when the complaint/dispute is not under consideration in terms of the points 1), 2) and 3) above or SCOREs guidelines as applicable or not pending before any arbitral process, court, tribunal or consumer forum or are non-arbitrable in terms of Indian law (including when moratorium under the Insolvency and Bankruptcy Code is in operation due to the insolvency process or if liquidation or winding up process has been commenced against the AIF).
- The dispute resolution through the ODR Portal can be initiated when within the applicable law of limitation (reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later).
6. Responsibility
The Compliance Officer of Investment Manager will be responsible for theimplementation of Policy.
7. Violation
If anyone is found in violation of this Policy, he/she will be liable for appropriate action by appropriate authority.
8. Policy Review
This Policy shall be reviewed as and when there are any regulatory changes are introduced or as and when it is found necessary to change the Policy due to business needs. However, Policy shall be reviewed at least annually. The Designated Partners of Investment Manager will be approving authority for the Policy.
9. Deviation to Framework
All deviations to the Policy shall be approved by the Designated Partners.
10. Power to Remove Difficulties
In order to remove any difficulties in the application or interpretation of this Policy, the Compliance Officer of PGP Advisors LLP shall have the power to issue clarifications.
11. Effective Date
This Policy supersedes the earlier policy on this subject matter and shall come into effect from the date of its approval and adoption by the Fund.
