Regular Regression: Each and every built is tested to verify
whether the fixed bugs have bad impact on other parts of the
functionalities. This will be done  during testing process
after getting new build.

Final Regression: is done after fixing all the bugs. To 
verify the built is stable during final regression testing.

Regualar Regression testing is a process of re executing 
the test cases on the modified build. Mainly we chect its 
functionality and also to check if the inclusions or 
modifications has any impacts on the existing software 
functionalities.

Final regression testing is done at the end of test closure 
reviews mainly concerned with high bug density areas.its 
aslo knwn as pre-acceptance testing ...the test lead 
conducts a test closure review to estimate completeness and 
correctness of testing applying coverage analysis, bug 
density and analysis of deferred bugs.

hi swati,

i am working as test lead for sr.soft test eng for a m.n.c
and i liked your answer. I like to knw whether you guys are
using QTP or nt in your current company...........