1. The ombudsman scheme was established under the SEBI (Ombudsman) Regulations 2003 and the SEBI Act to receive and facilitate the resolution of complaints against listed companies and intermediaries.
2. An ombudsman must be an Indian citizen over 45 years of age with high moral integrity and relevant experience. They have the power to receive complaints, facilitate settlements, and make awards if complaints cannot be settled.
3. A stipendiary ombudsman has similar dispute resolution roles but is appointed for specific matters and territories, and may be compensated for their work. They must have 10+ years of relevant experience such as in law, public finance, or consumer protection.
3. GENESIS
THE SCHEME OF OMBUDSMAN HAS BEEN PROVIDED
FOR UNDER THE SEBI (OMBUDSMAN) REGULATIONS,
2003 AND UNDER SUB-SECTION 1 OF SECTION 11 OF
THE SEBI ACT.
4. • "Ombudsman" means
any person appointed
under regulation 3 of
these regulations and
unless the context
otherwise requires,
includes Stipendiary
Ombudsman;
DEFINITION-
ACCORDING TO SEBI
5. • "Stipendiary Ombudsman" means a
person appointed under regulation 9 for the
purpose of acting as ombudsman in respect
of a specific matter or matters in a specific
territorial jurisdiction and for which he may
be paid such expenses, honorarium or
sitting fees as may be determined by the
Board from time to time.
DEFINITION-
ACCORDING TO SEBI
6. ELIGIBILITY FOR OMBUDSMAN
1.An Indian citizen
2. High moral integrity
3. Not below 45 years of age
4.Either
*retired district judge(or) qualified to judge
*10 years of experience in any regulatory body
7. DISQUALIFICATION FOR OMBUDSMAN
1.Undischarged insolvent
2.Convicted an offence involving moral turpitude
3.Unsound mind
4.Charge sheeted for offence including economic
offences
5.Whole time director and a period of at least 3 years
has not elapsed.
8. ELIGIBILITY FOR STIPENDIARY OMBUDSMAN
1. Has held a judicial post or as an executive office under the Central or
the State Government for at least 10 years;
2. Is having experience of at least 10 years in matter relating to consumer
or investor protection;
3. Legal practitioner in corporate at least 10 years of experience;
4. He served for a minimum period of 10 years in any public financial
institution;
9. POWERS AND FUNCTIONS OF OMBUDSMAN
GENERAL:
a. Receive complaints
b. Approve a friendly or amicable
settlement of the dispute
c. Consider complaints and facilitate
resolution
d. Adjudicate such complaints in the
event of failure of settlement
10. OTHER POWERS AND FUNCTIONS
SPECIFIC:
a. Draw up an annual budget
b. Submit annual report within 3
months
c. Furnish information to the Board
11. PROCEDURE FOR REDRESSAL OF GRIEVANCE
GROUNDS OF COMPLAINT
PROCEDURE OF FILLING COMPLAINT
POWER TO CALL FOR INFORMATION
SETTLEMENT BY MUTUAL AGREEMENT
AWARD ON ADJUDICATION
EVIDENCE ACT NOT TO APPLY
FINALITY OF AWARD
COST AND INTEREST
NON-IMPLEMENTATION
12. DISPLAY OF PARTICULARS
Every listed company or intermediary shall
display the name and address of the
Ombudsman as specified by the Board to
whom the co,mplaints are to be made.
