Securities And Exchange Board Of India - Subsection
Section 6(1) in Securities And Exchange Board Of India (Ombudsman) Regulations, 2003
(1)A person shall not be qualified to hold the office of the Ombudsman if he-(i)is an un-discharged insolvent ;(ii)has been convicted of an offence involving moral turpitude;(iii)has been found to be of unsound mind and stands so declared by a competent court;(iv)has been charge sheeted for any offence including economic offences ; or(v)has been a whole-time director in the office of an intermediary or a listed company and a period of at least 3 years has not elapsed.[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.Explanation.- For the purpose of this clause.-(a)`public sector bank' means-(i)a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);(ii)a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980);(iii)the state Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955)(iv)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);(b)`public sector undertaking' means any corporation established by or under any Central, State or Provisional Act or a Government company by or under any Central, State or Provincial Act or a Government company as defined in Section 617 of the Companies Act, 1956 (1 of 1956) which is owned controlled or managed by the Central Government.]
