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of <h1>Regulation 78: 1993 Mutual Fund Actions Remain Valid Under 1996 SEBI Regulations, Ensuring Continuity for Pending Cases.</h1> Regulation 78 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 repeals the 1993 regulations. Despite this repeal, any actions or proceedings initiated under the 1993 regulations, such as registrations, approvals, fee collections, or investigations, are considered valid under the 1996 regulations. Applications and appeals pending under the 1993 regulations are also treated as if they were made under the 1996 regulations. This ensures continuity and validity of actions taken under the previous regulatory framework.
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