THE GAZETTE OF INDIA

regulations · 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 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 L PRELIMINARY SHORT TITLE AND COMMENCEMENT 1.(1) These regulations may be called the Securities and Exchange Board of India (Ombudsman) Regulations, 2003. (2) They shall come into force o the date of their publication in the Official Gazette. Definitions 2. (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; 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; Board' means the Securities and Exchange Board of India established under section 3 of the Act; "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 recognised by the Board

Rule TOC

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

2 · (1) In these regulations, unless the context otherwise requires,

3 · (1) With effect from such date as the Board may, by an order fix, there shall be established an office of Ombudsman for the purposes of these regulations

4 · At the request of the Board, the Selection Committee may also prepare a panel of persons out of which a person may be appointed as Stipendiary Ombudsman.

4 · (1)Office of the Ombudsman shall be located at the Head Office of the Board and if more than one Ombudsman are appointed then the office of any such Ombudsman may be located at any other office of the Board O any other place as may be specified by the Board from time to time.

5 · In order to be appointed as an Ombudsman a person shall be

6 · (1) A person shall not be qualified to hold the office of the Ombudsman if he

7 · [(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: Provided that no person shall hold the office of Ombudsman after attaining the age of sixty-five years:]

9 · (1) Notwithstanding the appointment of Ombudsman under sub-regulation (2) of regulation 3_ the Board may appoint a person as a Stipendiary Ombudsman out of the panel prepared under sub-regulation (4) of regulation 3, for the purpose of acting as an Ombudsman in respect of a specific matter O matters in a specific territorial jurisdiction, as may be specified in the order of appointment

10 · Every Ombudsman or Stipendiary Ombudsman shall exercise jurisdiction in relation to an area as may be specified by the Board by an order:

11 · The Ombudsman shall have the following powers and functions

12 · (1) The Ombudsman shall

13 · A person may lodge a complaint on any one Or more of the following grounds either to the Board or to the Ombudsman concerned

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 O pass any other directions OT 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 ccurring in the award.

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

9 · The Board may determine its own procedure consistent with principles of natural justice in the matter of disposing of review petition and may dismiss the petition in limine if it does not satisfy any of the grounds specified in sub-regulation (3).

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 s0 directed within one month of receipt of the award from the Ombudsman O an order of the Board passed in review petition Or within such period as specified in the award O 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.

1 · NAME OF THE COMPLAINANT

4 · (a) DATE OF REPRESENTATION COMPLAINT BY THE COMPLAINANT TO

5 · SUBJECT MATTERIGROUNDS OF THE COMPLAINT

7 · (a) Whether any reply (Within a period of one month after the listed company intermediary concerned received the representation) has been received? YES NO

8 · NATURE OF RELIEF SOUGHT FROM THE OMBUDSMAN

9 · LIST OF DOCUMENTS ENCLOSED

10 · DECLARATION

1 · I/ We the complainantls herein declare that:

2 · The complaint is filed before expiry of period of one year reckoned in accordance with the provisions of the Regulations

1 · IWe authorise the listed company intermediary to disclose any such information/ documents furnished by us to the Securities and Exchange Board of India /Ombudsman and disclosure whereof in the opinion of the Securities and Exchange Board of India/ Ombudsman is necessary and is required for redressal of any other complaint O OUr complaint:

2 · IWe have carefully gone through the provisions of the Securities and Exchange Board of India (Ombudsman) Regulations, 2003.