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<h1>SEBI Amends Intermediaries Regulations: Defines 'Executive Director' and Updates Procedure for Initiating Proceedings Under Regulation 24.</h1> The Securities and Exchange Board of India (SEBI) has issued the Intermediaries (Amendment) Regulations, 2017, effective upon publication in the Official Gazette. A new clause has been added to Regulation 22, defining 'Executive Director' as an officer appointed by the Board. Regulation 24 has been revised, allowing a designated member to initiate proceedings against registered individuals suspected of defaults. An Executive Director will appoint a designated authority, potentially a bench of three officers, to oversee proceedings. The amendments update the 2008 regulations, which have been previously amended several times.