IL&FS Securities Services Ltd (ISSL) has formulated a two tier framework for handling Subscriber Grievances in view of PFRDA’s (Redressal of Subscriber Grievance) Regulations 2015.

The two levels for the grievance redressal laid down by ISSL comprises of:

• an officer nominated as the Grievance Redressal Officer at every branch dealing with National Pension system Branch head would be designated as GRO at respective branch.
  
  
• a senior management level officer who has been designated as Chief Grievance Redressal Officer to ensure compliance of the requirements laid down hereunder. Mr. Girish Palshikar has been nominated as the Chief Grievance Redressal Officer at the Head office of ISSL
  

ISSL has in place an effective mechanism for receiving, registering, acknowledging and disposing off the grievances received in a prompt and fair manner. The Customer Servicing Unit (CSU) at ISSL’s head office handles all customer interactions & all related queries, grievances etc and ensures that the queries and grievance are redressed to the satisfaction of the customers. In order to manage the customer queries / grievances etc, the CSU team has been equipped with :

• Dedicated Service desk
• Dedicated Telephone extensions
• Service Desk Executives

Following are the mode of receiving Customer queries/grievances etc by the CSU team:

• Telephone Calls
• E-mail communication
• Walk in customer
• Physical letters
• Central Grievance Management System (CGMS) of CRA

The process adopted for each type of query & grievance for redressal is explained here under :




Queries, Grievance Redressal Process & Escalation Matrix

• Telephone Calls
  • Normally get initiated by customers having a query and/or grievance
  • Received on the dedicated service desk extensions lines
  • Handled by Service desk executives
  • Most customer queries are basic in nature seeking information and are sorted within the same call
  • Specific queries, involving additional time-frames for revert to customer, are noted by the executives
  • Customer in such cases are informed about the probable time frame involved for providing a revert
  • TAT allowed to the service desk executives for such revert is T+1 day
  • In case revert pending beyond stipulated time frame (T+1), the service desk executive would escalate the issue to his supervisor
  
  Escalation

  • In case any customer- caller is unsatisfied or insists upon, the service desk executive has been instructed to escalate the issue to his Supervisor
  • If further critical team supervisor escalates the matter to the designated Grievance Redressal Officer at HO [if calls are received at HO] or Grievance Redressal Officer at the branch [if calls are received at the branch ]
  
  
• E-mail communication
  • Emails are received on the dedicated e-mail id created [email protected]
  • Once received, the service desk executive actions the required process, and if necessary may consult his superior/Grievance Redressal Officer
  • Actions the reply
  • Day end activity involves providing exceptions for the day in terms of non-replied cases
  
  Escalation

  • Critical queries, grievances, concerning matters are escalated to the Supervisor
  • Further critical matters are escalated to designated Grievance Redressal Officer at HO
  
  
• Walk-in Customers
  • Walk-in customers are normally individuals with queries-grievances
  • Front-ended by the Service Desk executives
  • Superiors are consulted for critical cases
  • Most cases are, routine queries, which are addressed across the counter itself
  • In case responses get delayed, customer is accordingly informed, mentioning probable revert date
  
  Escalation

  • Critical queries, grievances, concerning matters are escalated to the Supervisor
  • Further critical matters are escalated to the Grievance Redressal Officer at HO /branch
  
  
• Physical Letters
  • Letters once received are inwarded by CSU team
  • Based on the query/ information sought, reply is drafted, in consultation with superiors for critical cases
  • The contents of the reply are verified and signed by the authorized official
  • The letter is outwarded in the system and dispatched
  
  Escalation

  • Critical queries, grievances, concerning matters are escalated to the Supervisor
  • Further critical matters are escalated to the Grievance Redressal Officer at HO
  
  
• Central Grievance Management System (CGMS) of CRA
  • Grievances received from subscribers by CRA are routed to ISSL through the CGMS on a daily basis.
  • The grievances are required to be resolved by ISSL-POP-SP within 3 days of receiving the grievance. In case no resolution is posted within first three days of reporting, the grievance is escalated to ISSL-POP which is required to be resolved within maximum 4 days thereafter) ISSL is required to post the resolution in the CGMS system for each grievance within the prescribed timelines
  • A unique grievance number is generated in the CGMS which is used for records and tracking
  • ISSL updates the manner, mode and date of sending acknowledgement to the subscriber within three working days

  In adherence to the PFRDA regulations ISSL would ensure the following :

  • An acknowledgement would be sent to the complainant within three working days of the receipt of the grievance. The acknowledgement bears the date of receipt of the complaint/grievance, name, designation and contact details of the officer who shall be dealing with the grievance received, grievance escalation matrix with contact details and address (includes ISSL level, NPST and Ombudsman) and manner and mode of tracking resolution of grievance/complaint with the Unique Grievance Number
  • If the grievance is resolved within a period of three days from the date of receipt of the complaint, the acknowledgement alongwith the resolution is intimated to the complainant
  • In case the complaint received does not pertain to ISSL, ISSL shall arrange to send the complaint to the concerned intermediary within three working days under intimation to the complainant
  • Every grievance is replied in writing within 30 days from the date of its receipt. The reply contains the details of resolution or rejection of the complaint with reasons thereof
  • All grievance letters would be replied on priority and filed separately. Records of each complaint alongwith the measures taken for redressal are maintained
  • While disposing off the complaint, the complainant is informed about the manner in which he or she may pursue the complaint in the event he/she is dissatisfied with the resolution or rejection
  • A complaint is treated as closed or disposed off only when ISSL has acceded to the request of the complainant fully or when the complainant had not responded within forty five days of the receipt of the written response of ISSL
  • All reports prescribed by NPST/PFRDA would be submitted to the authorities periodically
  • ISSL website will display the Grievance Redressal Mechanism for the subscribers.
  • ISSL shall develop a system to enable online registration of complaints,tracking of status of grievances by the complainants and generation of periodical reports as may be specified by PFRDA from time to time. ISSL shall also categorize the complaints as specified by PFRDA from time to time and shall incorporate the same in its system.