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of <h1>SEBI Regulation 38 Omitted: Changes in Inquiry Procedures for Credit Rating Agencies Under 2002 Regulations</h1> Regulation 38 of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, which detailed the procedure for holding an inquiry before the suspension or cancellation of a credit rating agency's registration, was omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulation, 2002. Prior to its omission, the regulation outlined the appointment of inquiry officers, issuance of notices to agencies, submission of replies and evidence, and the conduct of hearings. It specified that credit rating agencies could appear in person or through authorized representatives, with certain restrictions on legal representation. The inquiry officer would then recommend penalties based on the findings.
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