(1) With effect from such date as the Authority may, by an order fix, there shall be established an office of Ombudsman for the purposes of these regulations.
(2) The Authority may, on recommendation of a Selection Committee, appoint one or more Ombudsmen for such territorial jurisdiction as may be specified from time to time by an order.
(3) The Selection Committee referred in sub-regulation (2) shall consist of the following members, namely:—
(i) an expert in the area of financial market operations to be nominated by the Chairperson;
(ii) a person having special knowledge and experience of law, finance or economics, to be nominated by the Chairperson.
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(iii) at least one member of the Ombudsman Selection Committee to be appointed by the Chairperson shall be a representative of the Central Government.
(iv) An Executive Director of the Authority will be nominated by the Chairperson to be Secretary of the Selection Committee.
(v) The selection committee shall be headed by a whole-time member of the Authority.
(4) At the request of the Authority, the Selection Committee may also prepare a panel of persons out of which a person may be appointed as Stipendiary Ombudsman.
(5) The panel under sub-regulation (4) shall remain in force for a maximum period of two years from the date of selection:
Provided that any person in the existing panel shall be eligible to be included in the reconstituted panel.