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OMBUDSMAN

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Ombudsman, in is literal sense, is an independent person appointed to hear and act upon citizen‟s complaints about Government Services. In this regard, SEBI has issued SEBI (Ombudsman) Regulations, 2003. As per this, Ombudsman means any person appointed under the aforesaid regulations and also includes stipendiary ombudsman. 

Stipendiary Ombudsman means a person appointed for the purpose of acting as Ombudsman in respect of a specific matter and for which he may be paid such expenses, honorarium and sitting fees as may be determined by SEBI from time to time. 

A Person is Eligible to be Appointed as Stipendiary Ombudsman if he

(i) Has held a judicial post or an executive offer under the Central or State Government for at least 10 years;

(ii) Is having experience of at least 10 years in matter relating to investor protection;

(iii) Has been a legal practitioner in corporate matters for at least 10 years; or

(iv) Has served for a minimum period of 10 years in any public financial institution. 

Following are the Important Powers and Functions of Ombudsman:

(i) To receive complaints against any intermediary or a listed company;

(ii) To consider such complaints and facilitate resolution thereof by amicable settlement;

(iii) To approve amicable settlement of the dispute between the parties; and

(iv) To adjudicate such complaints in the event of failure of amicable settlement.

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