Regulation 6 - DISQUALIFICATION - Securities and Exchange Board of India (Ombudsman) Regulations, 2003

DISQUALIFICATION 6. (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. 1 [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 Undertakings) 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. ] ****** 1 Inserted by the SEBI (Ombudsman) (Amendment) Regulations, 2006, w.e.f. 9‐11‐2006.