The Securities and Exchange Board of India (Sebi) has done away with the concept of ombudsman for the securities market because of legal issues.

MUMBAI: The Securities and Exchange Board of India (Sebi) has done away with the concept of ombudsman for the securities market because of legal issues.

The regulator said it does not have the power to adjudge dispute between entities.

“Sebi Act does not expressly empower the Board to award compensation and therefore, Sebi may not empower an ombudsman to award compensation through delegated legislation,” Sebi said in an internal note to its board.