Section 38 in The Securities and Exchange Board of India (Intermediaries) Regulations, 2008
38. Repeal and savings.
(1)With effect from publication of these regulations in the Official Gazette -(a)the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and imposing Penalty) Regulations, 2002; and(b)the Securities and Exchange Board of India (Criteria for Fit and Proper Persons) Regulations, 2004shall be repealed.(2)Notwithstanding such repeal, anything done or any action taken under those regulations including an enquiry commenced or notice issued under the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and imposing Penalty) Regulations, 2002, before the publication of these regulations in the Official Gazette, shall be deemed to have been done or taken or commenced under the corresponding provisions of these regulations.(3)After the repeal of the regulations referred to in sub-regulation (1), any reference thereto in any regulation, guidelines, circulars shall be deemed to be a reference to Chapter V and Schedule II, respectively.
