Ombudsman tenure and qualifications updated: appointment process, reappointment rights and maximum age limit clarified under amendment. The amendment requires one member to be an expert in financial market operations and another to possess special knowledge and experience in law, finance or economics, each nominated by the Chairman; and prescribes that an Ombudsman holds office for three years, is eligible for reappointment for two additional years, and must vacate office upon attaining the age of sixty five years.
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Provisions expressly mentioned in the judgment/order text.
Ombudsman tenure and qualifications updated: appointment process, reappointment rights and maximum age limit clarified under amendment.
The amendment requires one member to be an expert in financial market operations and another to possess special knowledge and experience in law, finance or economics, each nominated by the Chairman; and prescribes that an Ombudsman holds office for three years, is eligible for reappointment for two additional years, and must vacate office upon attaining the age of sixty five years.
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