Financial Daily from THE HINDU group of publications
Thursday, Dec 11, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 11, 2003 |
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Markets
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Regulatory Bodies & Rulings SEBI ombudsman to have shorter term K.R. Srivats
New Delhi , Dec 10 THE capital market ombudsman will now have a shorter tenure in office. The Securities and Exchange Board of India has stipulated that a person appointed as an ombudsman can now hold office only for a term of three years. However, there would be an option for being reappointed for another period of two years. The earlier SEBI regulations on ombudsmen which came into force in August had stipulated that an ombudsman can hold office for a "term not exceeding five years" and would be eligible for re-appointment thereafter. SEBI has also lowered the age-limit beyond which a person cannot hold the office of an ombudsman from the earlier 70 years to 65 years. "The earlier limit of 70 years has been lowered to 65 years. A person cannot hold the office of ombudsman after attaining the age of 65 years," official sources said. The capital market regulator has also altered the composition of the three-member selection committee that would recommend the prospective candidates to the SEBI board, which may appoint one or more ombudsmen for such territorial jurisdiction as may be specified. SEBI has now specified that the three-member committee would comprise an expert in the area relating to financial market operations; a person having special knowledge and experience of finance, law and economics and a representative of SEBI board not below the rank of an Executive Director. All the members are to be nominated by the SEBI Chairman. Before the latest change, the SEBI regulations on ombudsmen specified that the three-member Selection Committee would comprise a retired judge of a High Court, an expert in the area of financial market operations and a representative of SEBI board not below the rank of an Executive Director.
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