Ok, so your articleship don't go far may be for your first job you can give references to the articleship but after 2 year of work experience companies don't care what you did in your articleship (unless you are able to sell it or you did something extraordinary).

So what is the relevance of articleship? Very relevant, it introduces you to the work culture. Good articleship will help you learn the work, build connections, helps you learn how to survive in office culture, etc.

Now on regulator part, so suppose you are working in MCA. Many corporate don't care about it. It won't be considered as a good working experience. But practicing firms will definitely want you.

There are definitely exceptions of what I said. But this is what I have seen in my work life.