Regulation 24 - Rescission and savings - Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014

Rescission and savings. 24.(1) On and from the commencement of these regulations, the following circulars issued by the Board shall stand rescinded: (a) Board s circular ref No. EFD/ED/Cir-1/2007 dated April 20, 2007; and (b) Board s circular ref No. CIR/EFD/1/2012 dated May 25, 2012. (2) Notwithstanding any such rescission: (a) Applications filed under the circulars referred to in sub-regulation (1) and pending with the Board shall be deemed to have been filed in accordance with these regulations and shall be dealt with in accordance with the provisions of these regulations. (b) Settlement orders passed under the circulars referred to in sub-regulation (1) shall be deemed to have been passed under these regulations. (c) The proposals of the internal committees and the recommendations of the high powered advisory committee in accordance with the circulars referred to in sub-regulation (1) and any action taken by the Board on the basis of these recommendations shall be deemed to have been made under these regulations. (d) The internal committee(s) and the high powered advisory committee constituted by the Board in accordance with the circulars referred to in sub-regulation (1), shall continue to function till such time the Board re-constitutes them.