1. The ombudsman scheme was established under the SEBI (Ombudsman) Regulations 2003 and the SEBI Act to receive and facilitate the resolution of complaints against listed companies and intermediaries. 2. An ombudsman must be an Indian citizen over 45 years of age with high moral integrity and relevant experience. They have the power to receive complaints, facilitate settlements, and make awards if complaints cannot be settled. 3. A stipendiary ombudsman has similar dispute resolution roles but is appointed for specific matters and territories, and may be compensated for their work. They must have 10+ years of relevant experience such as in law, public finance, or consumer protection.