Section 3 in Securities And Exchange Board Of India (Ombudsman) Regulations, 2003
3. Establishment and appointment.-
(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.(2)The Board may, on recommendation of a Selection Committee, appoint one or more Ombudsmen for such territorial jurisdiction as may be specified from time to time by an order.(3)The Selection Committee referred in sub-regulation (2) shall consist of the following members, namely:-(i)[ an expert in the area relating to financial market operations to be nominated by the Chairman;[Substituted by Notification No. SEBI/LAD/DOP/22090/2003, dated 23.12.2003](ii)a person having special knowledge and experience of law, finance or economics, to be nominated by the Chairman.](iii)a representative of the Board not below the rank of Executive Director who shall be Secretary of the Selection Committee, to be nominated by the Chairman.(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.(5)The panel under sub-regulation (4) shall remain in force for a maximum period of two years and shall be reconstituted from time to time.Provided that any person in the existing panel shall be eligible to be included in the reconstituted panel.
