Section 9 in Securities And Exchange Board Of India (Ombudsman) Regulations, 2003
9. Stipendiary Ombudsman.-
(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 or matters in a specific territorial jurisdiction, as may be specified in the order of appointment.(2)A person shall be eligible to be appointed as Stipendiary Ombudsman who:-(i)has held a judicial post or an executive office under the Central or State Government for atleast ten years or(ii)is having experience of at least ten years in matters relating to consumer or investor protection or(iii)has been a legal practitioner in corporate matters for atleast 10 years or(iv)has served for a minimum period of ten years in any public financial institution within the meaning of section 4A of the Companies Act, 1956 (1 of 1956) or a regulatory body.(3)Save as otherwise specified by the Board, the Stipendiary Ombudsman shall exercise all powers and functions as are vested in a Ombudsman under these regulations.(4)The Stipendiary Ombudsman shall be paid such fees or honorarium and allowances for the services rendered by him, as may be determined by the Board from time to time.
