Karn Securities Private Limited (the “Company”), is a Non-Banking Financial Company registered with Reserve Bank of India having the registered office situated at (Unit No AN 103 and AN 103A, First Floor D Mall, Plot No. A1, Netaji Subash Palace, Saraswati Vihar, North West Delhi, India, 110034. In terms of the RBI Master Directions – Non-Banking Financial Company (Scale Based Regulation) Directions, as amended from time to time (“Directions”), every Non-Banking Financial Company under section 45-IA of the Reserve Bank of India Act, 1934 (“RBI Act”). It is essential that grievances of the customers are given due consideration and quick action is taken to resolve the same. To provide efficient and enhanced services to the customers and resolution of their grievances, the Company has adopted this Grievance Redressal Policy providing for an effective Grievance Redressal Mechanism.
This Policy shall also be implemented in accordance with the principles of Responsible Business Conduct Directions 2026 prescribed by the Reserve Bank of India and shall ensure fair, transparent, timely and customer-centric grievance handling across all customer touchpoints, including digital lending channels, recovery activities, outsourced service providers and Lending Service Providers (LSPs).
The Company is committed to ensure transparency and fair dealings. Complaints arising out of actions of recovery agents, outsourcing partners, or digital lending service providers shall also be covered under this policy. Objectives of this policy are as follows:
The Board of Directors of the Company have appointed a Grievance Redressal Officer (GRO), who shall be responsible for overall functioning of the Grievance Redressal Mechanism of the Company as prescribed by Integrated Ombudsman Scheme (“IOS”). The Grievance Redressal Officer shall also be responsible to address grievances escalated to him / her and for ensuring prompt and efficient functioning of grievances redressal mechanism.
The Grievance Redressal Officer shall periodically review the nature of complaints received, identify recurring issues, recommend corrective actions and ensure that systemic deficiencies are addressed through appropriate process improvements.
Any customer having grievance / complaint / feedback with respect to the service offered by the Company, may write to the Company’s Customer Service Department in the following manner:
Complaints regarding the conduct of recovery agents shall be examined on priority. Where a complaint appears to disclose inappropriate, coercive or unethical recovery practices, the Company may suspend the concerned recovery activity pending investigation, wherever considered appropriate. Appropriate corrective action shall be taken where misconduct is established.
If a customer is not satisfied with the resolution provided by the Company in the specified period above, the customer can escalate the issue as prescribed in the below escalation matrix:
| First Escalation | Customer Care | Phone: +91-8796552820 Email: info@karnsecurities.com | If the issue is not resolved within 10 days of raising the issue, the customer shall raise the issue with the Grievance Officer |
| Second Escalation | Grievance Officer | Name: Ms. Saman Luqman Bilgrami Phone: +91: 8796552825 Email: grievance@karnsecurities.com | If the issue is not resolved within 10 working days of raising the issue, the customer shall raise the further issue with the Nodal Officer |
| Third Escalation | Nodal Officer | Name: Ms. Harshna Sharma Phone: +91: 8810265477 Email: nodal@karnsecurities.com | The issue shall be resolved within 30 days from the date of receipt of the grievance. |
If the grievance is not resolved within 30 days or the customer is dissatisfied with the resolution, the customer may approach the Reserve Bank of India under the RBI Integrated Ombudsman Scheme, as applicable.
The Grievance Redressal Policy shall be displayed on the Company’s website and made available at all branches / points of customer interface.
The Company shall ensure that customers are made aware of the grievance redressal mechanism at the time of onboarding and through periodic communication.
Customers shall have the right to:
The Company shall remain responsible for the resolution of complaints relating to Lending Service Providers, Digital Lending Applications, outsourced service providers and recovery agents engaged by or on behalf of the Company.
Customers shall not be required to separately approach any third-party service provider for resolution of grievances.
The Company shall ensure that all complaints are handled in a fair, transparent, and non-coercive manner. Customers shall not be subjected to any harassment, intimidation, or unfair practices during the grievance redressal process.
No customer shall be subjected to retaliation, discrimination or adverse treatment merely because he or she has filed a complaint against the Company or its employees, recovery agents or outsourced service providers.
The Company shall maintain proper records of all complaints received, including details of the complaint, action taken, resolution provided, and timelines for closure. Such records shall be preserved in accordance with applicable regulatory requirements and shall be made available for audit and regulatory inspection.
The Company shall analyse complaint trends periodically to identify recurring operational, technological or service deficiencies and implement suitable corrective and preventive measures.
A summary of customer complaints, including the number of complaints received, resolved, pending, ageing analysis, complaints against recovery agents, complaints relating to digital lending, recurring issues and corrective action taken , shall be placed before the Board of Directors or a designated committee at periodic intervals for review and oversight.
In case of digital lending, the Company shall ensure that borrowers are provided with clear and accessible channels for raising grievances through digital platforms. Complaints relating to digital lending, including those involving Lending Service Providers (LSPs), shall be resolved in accordance with RBI Digital Lending Guidelines. Complaints relating to customer consent, data sharing, digital interfaces, Key Fact Statement, Lending Service Providers and digital collection practices shall also be covered under this Policy.
All complaints and related customer information shall be handled with strict confidentiality and shall be used solely for the purpose of grievance redressal, in accordance with applicable data protection laws and regulatory guidelines. Information relating to complaints shall be accessed only by authorised personnel and shall be retained only for the period required under applicable law and internal record retention policies.
The Company shall periodically review customer complaints, identify systemic issues, evaluate customer outcomes and implement appropriate corrective and preventive measures to strengthen customer service standards and regulatory compliance.
The Board shall review this policy at least annually and when there is any amendment in the applicable RBI Directions or any material regulatory development affecting grievance redressal, digital lending or customer protection.
If at any point a conflict of interpretation / information between the policy and any regulations, rules, guidelines, notification, clarifications, circulars, master circulars/ directions issued by relevant authorities (“Regulatory Provisions”) arises, then interpretation of the Regulatory Provisions shall prevail.
In case of any amendment(s) and/or clarification(s) to the Regulatory Provisions, the policy shall stand amended accordingly from the effective date specified as per the Regulatory Provisions.
Complaint Type | Illustrative Example | Target Resolution |
Loan Processing | Delay in sanction/disbursement | As per Policy Timeline |
Charges | Interest, fees, penal charges | Within internal timeline |
| Recovery | Recovery Agent Conduct, harassment | Priority handling |
| Digital Lending | KFS, consent, LSP, DLA | Priority handling |
| Data Privacy | Unauthorized disclosure | Priority handling |
| General Services | Any other services | Within Policy timeline |
Include the following principles: