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<h1>Regulation 72: SEBI's Past Procedure for Handling Defaults by Mutual Funds, Trustees, or Asset Management Companies Explained</h1> Regulation 72 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, which was omitted in 2002, outlined the procedure for handling defaults by mutual funds, trustees, or asset management companies. Upon receiving a report from an enquiry officer, the Board was required to issue a show-cause notice to the concerned parties. The parties had fourteen days to respond. After considering the response, the Board would issue an appropriate order and provide a copy of this order to the involved parties.