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<h1>Confidentiality in Settlement Proceedings: Protecting Information Under SEBI Regulations 2014, Even if Application Rejected</h1> All information submitted and discussions held during settlement proceedings under the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014, are considered confidential and held in a fiduciary capacity. Such information cannot be made public if it would prejudice the Board or the applicant. If an application is rejected, neither the applicant nor the Board may use any proposals, information, or representations made during the proceedings as evidence in court or tribunal, except when a settlement order is revoked and withdrawn under these regulations.