The Securities and Exchange Board of India (SEBI) has issued a notification on July 3, 2023, announcing the repeal of the Securities and Exchange Board of India (Ombudsman) Regulations, 2003. This regulatory action comes under the authority granted by Section 30 of the Securities and Exchange Board of India Act, 1992.
According to the SEBI notification, the newly introduced Securities and Exchange Board of India (Ombudsman) (Repeal) Regulations, 2023 replace the previous regulations from 2003. The repeal is effective immediately upon its publication in the Official Gazette. While the repeal brings significant changes, it does not nullify actions, rights, liabilities, or penalties acquired or incurred under the previous regulations. Any ongoing investigations, legal proceedings, or remedies can still be pursued as if the 2003 regulations were still in force.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 3rd July 2023
SECURITIES AND EXCHANGE BOARD OF INDIA (OMBUDSMAN) (REPEAL) REGULATIONS, 2023
No. SEBI/LAD–NRO/GN/2023/138.—In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations to repeal the Securities and Exchange Board of India (Ombudsman) Regulations, 2003, namely, —
1. These regulations may be called the Securities and Exchange Board of India (Ombudsman) (Repeal) Regulations, 2023.
2. They shall come into force on the date of their publication in the Official Gazette.
3. On and from the commencement of these regulations, the Securities and Exchange Board of India (Ombudsman) Regulations, 2003 shall stand repealed.
4. The repeal of the Securities and Exchange Board of India (Ombudsman) Regulations, 2003 shall not affect—
(i) the previous operation of the said regulations or anything done or omitted to be done or suffered therein;
(ii) any right, privilege, obligation or liability acquired or accrued or incurred under the said regulations;
(iii) any penalty or punishment incurred in respect of any contravention or offence committed under the said regulations;
(iv) any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty or punishment as aforesaid.
5. 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.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./248/2023-24]
