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          <h1>Regulation 61 on default procedures in Collective Investment Schemes omitted by SEBI update, effective September 2002.</h1> Regulation 61 of the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, which outlined the procedure for action in case of default, has been omitted. This change was effected by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, effective from September 27, 2002.

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