Securities and Exchange Board of India (Ombudsman) (Amendment) Regulations, 2006

S.O. 1935 (E). In exercise of the powers conferred by section 30 read with sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Ombudsman) Regulations, 2003 , namely:-

1. (i) These regulations may be called the Securities and Exchange Board of India (Ombudsman) (Amendment) Regulations, 2006.

(ii) They shall come into force on the date of their publication in the Official Gazette.

2. In the Securities and Exchange Board of India (Ombudsman) Regulations, 2006, in regulation 6, in sub-regulation (1), after clause (v) the following shall be inserted, namely:-

“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 purposes 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 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.”