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of <h1>SEBI Amends Intermediaries Regulations 2022: 'Competent Authority' Replaces 'Designated Member,' New Default Proceedings Under Regulation 23.</h1> The Securities and Exchange Board of India (SEBI) issued the Intermediaries (Amendment) Regulations, 2022, effective upon publication in the Official Gazette. Key changes include replacing the term 'designated member' with 'competent authority,' defined as a Whole Time Member or a Board officer of at least Chief General Manager rank. Additionally, the Board can initiate proceedings for defaults under regulation 23 against registered individuals. This amendment follows a series of prior amendments to the original 2008 regulations, reflecting ongoing regulatory adjustments by SEBI to enhance governance and oversight of intermediaries.
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