Although the sliding mode controller usually results in an acceptable performance, chattering phenomenon may cause practical difficulties for actuators, particularly for on-off types as is the case in space applications. In this paper, a regulated sliding mode control law to fulfill stability requirements, robustness properties, and chattering elimination is proposed. Due to the activity of the regulating routine, proper positive values for the coefficient of sliding condition are determined. To this end, first the rotation dynamics of a typical satellite described in body coordinates is derived in terms of Euler quasi coordinate. Next, focusing on the chattering phenomenon, a new approach is proposed to alleviate the chattering trend. In order to set free the actuators from permanent activity, an Error Tolerance Margin (ETM) is defined. In this method, a passive time interval is defined, during which the actuator is turned off. Also, it is assumed that only On-Off actuators are available. To evaluate the energy consumed by the actuators, a ratio named Actuator Activity Factor (AAF) is introduced. The developed control law is applied to a given satellite during a rotational maneuver in presence of parametric uncertainties and noisy feedback signals to show its ability and merits.