THE GAZETTE OF INDIA

eda99aae1da4e226a5bb9d5e9271be186d8a7b56 · 1992 · State unknown

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Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

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THE GAZETTE OF INDIA EXTRAORDINARY PART –II – SECTION 3 – SUB SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21 st day of August, 2003 SECURITIES AND EXCHANGE BOARD OF INDIA (OMBUDSMAN) REGULATIONS, 2003 S.O. No. 953(E). In exercise of the powers conferred by section 30, read with sub-section (1) of section 11, of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to provide for the establishment of the office of Ombudsman to redress the grievance of the investors in securities and for matters connected therewith or incidental thereto, namely:- CHAPTER I PRELIMINARY SHORT TITLE AND COMMENCEMENT 1.(1) These regulations may be called the Securities and Exchange Board of India (Ombudsman) Regulations, 2003. They shall come into force on the date of their publication in the Official Gazette. Definitions (1) In these regulations, unless the context otherwise requires,- (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992 ); (b) "award" means a finding in the form of direction or an order of an Ombudsman given in accordance with these regulations; (c) "authorised representative" means a person duly appointed and authorised by a complainant or any other party to the complaint to act on his behalf and represent him in the proceedings before the Ombudsman; (d) "Board" means the Securities and Exchange Board of India established under section 3 of the Act; (e) "Chairman" means Chairman of the Board; (f) "complaint" means a representation in writing containing a grievance as specified in regulation 13 of these regulations; (g) "complainant" means any investor who lodges complaint with the Ombudsman and includes an investors association r

Rule TOC

1 · (1) These regulations may be called the Securities and Exchange Board of India (Ombudsman) Regulations, 2003.

1 · [(i) an expert in the area relating to financial market operations to be nominated by the Chairman;

1 · Substituted by the SEBI (Ombudsman) (Amendment) Regulations, 2003, w.e.f. 5‐12‐2003. Prior to its substitution it read as under:—

7 · 3 [(1) A person appointed as an Ombudsman shall hold office for a term of three years and shall be eligible for reappointment for another period of two years:

2 · Inserted by the SEBI (Ombudsman) (Amendment) Regulations, 2006, w.e.f. 9‐11‐2006.

3 · Substituted by the SEBI (Ombudsman) (Amendment) Regulations, 2003, w.e.f. 5‐12‐2003. Prior to its substitution, it read as under:—

2 · [Provided that the disqualification provided in clause (v) shall not be applicable in case of a person who has been the whole-time director of a public sector bank or a public sector undertaking.

17 · (1) In the event the matter is not resolved by mutually acceptable agreement within a period of one month of the receipt of the complaint or such extended period as may be permitted by the Ombudsman, he shall, based upon the material placed before him and after giving opportunity of being heard to the parties, give his award in writing or pass any other directions or orders as he may consider appropriate.

18 · (1) Within fifteen days from the receipt of the award a party, with notice to the other party, may request the Ombudsman to correct any computation errors, any clerical or typographical errors or any other errors of a similar nature occurring in the award.

20 · (1) Subject to the provisions of this regulation, an award shall be final and binding on the parties and persons claiming under them respectively.

21 · (1)The Ombudsman or the Board, as the case may be, shall be entitled to award reasonable compensation along with interest including future interest till date of satisfaction of the award at a rate which may not exceed one percent per mensem.

22 · (1) The award shall be implemented by the party so directed within one month of receipt of the award from the Ombudsman or an order of the Board passed in review petition or within such period as specified in the award or order of the Board.

24 · If any difficulty arises in giving effect to the provisions of these regulations, the Board may issue such directions or clarifications as it may think necessary or expedient for removing the difficulty.

10 · . DECLARATION