Multifrequency scintillation observations show that strong amplitude scintillations on very high frequency (VHF) signals are accompanied by weak L‐band scintillations near the dip equator and strong L‐band scintillations in equatorial ionization anomaly (EIA) region. For several decades this has been attributed to higher ambient plasma density in the EIA region. Recent work suggests that occurrence of stronger L‐band scintillations in the EIA region requires that the intermediate‐scale (~100 m to few km) ionospheric irregularity spectrum in this region be significantly shallower than that in the equatorial region. However, this has not been established so far. Signal frequency dependence of amplitude scintillations is characterized by the frequency exponent that determines the dependence on signal frequency of the S4 index: the standard deviation of normalized intensity fluctuations. In this paper, theoretical calculations of the frequency exponent for VHF and L‐band signals are carried out using different irregularity spectra and compared with observations in order to characterize power‐law irregularity spectra in different latitude zones. Intermediate‐scale irregularities in the equatorial and low‐latitude region, which are aligned with the geomagnetic field, are described by a two‐dimensional model. Model simulations show that the frequency exponent derived from S4 indices for VHF and L‐band signals is determined only by the characteristics of the irregularity spectrum and hence can be utilized to identify the nature of the power‐law irregularity spectrum. Frequency exponents computed using VHF and L‐band observations near the dip equator and EIA regions show distinct patterns, which clearly indicate steep and shallow irregularity spectra, respectively, in these regions.