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of <h1>SEBI Amends Ombudsman Regulations 2003: Exempts Ex-Directors of Public Sector Banks/Undertakings from Disqualification Under Regulation 6(1.</h1> The Securities and Exchange Board of India (SEBI) issued an amendment to the Ombudsman Regulations, 2003, effective upon publication in the Official Gazette. The amendment modifies regulation 6, sub-regulation (1), by adding a provision that exempts individuals who have served as whole-time directors of public sector banks or undertakings from disqualification under clause (v). Public sector banks are defined as those listed under specific Banking Companies Acts and the State Bank of India and its subsidiaries. Public sector undertakings are defined as corporations established by Central, State, or Provincial acts or government-owned companies as per the Companies Act, 1956.
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