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of <h1>Regulation 38 Amended: Appeals Shift from Government to Securities Appellate Tribunal, Later Omitted in 2002</h1> Regulation 38 of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993, initially allowed any person aggrieved by an order of the Board to appeal to the Government. This was amended by the SEBI (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000, enabling appeals to the Securities Appellate Tribunal instead. The regulation was later omitted by the Securities (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, effective from September 27, 2002.
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