(1) On and from the commencement of these regulations, the provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 in so
far as they relate to issue and listing of debt securities shall stand rescinded.

(2) Notwithstanding such rescission:-

(a) anything done or any action taken or purported to have been done or taken including observation made in respect of any draft offer document, any enquiry or investigation commenced or show cause notice issued in respect of the said guidelines shall be deemed to have been done or taken under the corresponding provisions of these regulations;

(b) any application made to the Board under the said Guidelines and pending before it shall be deemed to have been made under the corresponding provisions of
these regulations.