SEBI on 3rd July 2023 has issued the Securities and Exchange Board of India (Ombudsman) (Repeal) Regulations, 2023. On and from the commencement of these regulations, the Securities and Exchange Board of India (Ombudsman) Regulations, 2003 shall stand repealed.
The Ombudsman appointed under repealed regulations performed following functions:
- To receive complaints specified in regulation 13 against any intermediary or a listed company or both;
- To consider such complaints and facilitate resolution thereof by amicable settlement;
- To approve a friendly or amicable settlement of the dispute between the parties;
- To adjudicate such complaints in the event of failure of settlement thereof by friendly or amicable settlement.
The repeal of the Securities and Exchange Board of India (Ombudsman)Regulations, 2003 shall not affect the previous operation of the said regulations or anything done or omitted to be done or suffered therein;
- Any right, privilege, obligation or liability acquired or accrued or incurred under the said regulations;
- Any penalty or punishment incurred in respect of any contravention or offence committed under the said regulations;
- Any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty or punishment as aforesaid.
Any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty or punishment may be imposed as if the Securities and Exchange Board of India (Ombudsman) Regulations, 2003 had not been repealed.