Regulation 7 - TENURE - Securities and Exchange Board of India (Ombudsman) Regulations, 2003

TENURE 7. 1 [ (1) A person appointed as an Ombudsman shall hold office for a term of three years and shall be eligible for reappointment for another period of two years: Provided that no person shall hold the office of Ombudsman after attaining the age of sixty-five years.] (2) The Board, at any time, before the expiry of the period specified under sub-regulation (1) may terminate the services of the Ombudsman by giving him notice of not less than three months in writing or three months salary and allowances in lieu thereof, and the Ombudsman shall also have the right to relinquish his office, at any time, before the expiry of period specified under sub-regulation (1), by giving to the Board notice of not less than three months in writing. ****** 1 Substituted by the SEBI (Ombudsman) (Amendment) Regulations, 2003, w.e.f. 5‐12‐2003. Prior to its substitution, it read as under:- (1) A person appointed as an Ombudsman shall hold office for a term not exceeding five years and shall be eligible for reappointment : Provided that no person shall hold the office of Ombudsman after attaining the age of seventy years.