Section 29 in Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
29. Confidentiality of information.
(1)All information submitted and discussions held in pursuance of the settlement proceedings under these regulations shall be deemed to have been received or made in a fiduciary capacity and the same may not be released to the public, if the same prejudices the Board and/or the applicant.(2)Where an application is rejected or withdrawn, the applicant and the Board shall not rely upon or introduce as evidence before any court or Tribunal, any proposals made or information submitted or representation made by the applicant under these regulations:Provided that this sub-regulation shall not apply where the settlement order is revoked or withdrawn under these regulations.Explanation. - When any fact is discovered in consequence of information received from a person in pursuance of an application, so much of such information, whether it amounts to an admission or not, as relates distinctly to the fact thereby discovered, may be proved.
