Grievance Redressal Mechanism (GRM)
(In accordance with SEBI (Alternative Investment Funds) Regulations, 2012)
1. Objective
This Grievance Redressal Mechanism is established to provide Contributors (Investors) with a structured process for lodging, reviewing, and resolving complaints relating to the VentureX Fund (“the Fund”) in a fair, transparent, and time-bound manner.
2. Scope
Applicable to all Contributors, prospective investors, and unit holders of the Fund. Covers grievances relating to:
- Allotment/credit of units
- Management fees, expenses, or charges
- Disclosures, reporting, or distribution delays
- Misrepresentation, operational lapses, or non-compliance by the Fund Manager or Trustee
Excludes disputes covered by arbitration clauses or civil litigation.
3. Grievance Reporting Channels
- Dedicated Email ID: Follow the Grievance escalation matrix
- Written Letter: Addressed to the Compliance Officer, VentureX Investment Manager
- Trustee Escalation: Directly to the Trustee [Mitcon Credentia Trusteeship Services Limited] in case of unsatisfactory resolution
- SEBI SCORES Platform: https://scores.sebi.gov.in for escalation beyond Fund-level
Level | Team | |
|---|---|---|
First Level Escalation | Investor Relation Team | |
First Level Escalation | Partner Relation Team | |
Second Level Escalation | Operations Team | |
Third Level Escalation | Compliance Officer |
4. Designated Officers
- Compliance Officer (Primary Contact): Responsible for receiving and acknowledging complaints.
- Fund Manager/Board: Reviews unresolved or high-severity complaints.
- Trustee: Independent oversight; escalation authority if complaints are not resolved by the Manager.
5. Procedure & Timelines
- Acknowledgment: All complaints will be acknowledged within 7 working days of receipt.
- Investigation: Complaint reviewed by Compliance Officer, with inputs from operations/legal teams.
- Resolution: A reasoned written response shall be provided within 30 working days of acknowledgment.
- Escalation: If unresolved, the complaint will be escalated to the Trustee for independent review.
- External Escalation: Investors may approach SEBI through SCORES if dissatisfied with Trustee’s decision.
6. Record Keeping
All complaints, resolutions, and communication shall be maintained in a Grievance Register for a minimum of 8 years.
The Register shall record: Date, Investor Name, Nature of Complaint, Action Taken, Date of Closure.
7. Periodic Reporting
- A summary of complaints received and resolved shall be included in the Quarterly Investor Reports.
- Serious/recurring complaints shall be notified to the Trustee immediately.
- Annual compliance reporting to SEBI shall include details of grievance redressal.
8. Investor Rights
- Right to fair hearing and timely resolution.
- Right to escalate unresolved grievances to the Trustee and SEBI.
- Right to access Fund Documents and relevant information for resolving disputes.
9. Validity & Applicability
This is effective from 23rd July 2024, being the date of grant of SEBI registration to VentureX Fund I, and shall remain valid until the full distribution of the Fund’s assets and formal closure of the Fund in accordance with SEBI (AIF) Regulations, 2012.