Securities And Exchange Board Of India - Subsection
Section 19(1) in Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018
(1)An applicant seeking the benefit of confidentiality in return for admitting for the limited purpose of settlement of specified proceedings to be initiated and agreeing to provide substantial assistance in the investigation, inspection, inquiry or audit, to be initiated or ongoing, against any other person in respect of a violation of securities laws, shall fulfil the conditions of this Chapter, including -(a)cease to participate in the violation of securities laws from the time of the disclosure of information, unless otherwise directed by the Board;(b)provide and continue to provide complete and true disclosure of information, documents and evidence, which is in his possession or he is able to obtain, to the satisfaction of the Board in respect of the alleged contravention of the provisions of securities laws;(c)co-operate fully, continuously and expeditiously throughout the investigation, inspection, inquiry or audit and related proceedings before the Board; and(d)not conceal, destroy, manipulate or remove the relevant documents in any manner that may contribute to the establishment of the alleged violation.Explanation. - Violation of securities laws in this Chapter refers to defaults other than those of disclosure and reporting requirements detailed in Schedule II:Provided that an application made under this chapter shall be made only in cases prior to or pending investigation, inspection, inquiry or audit.
