Factors for assuring confidentiality in a settlement application filed under Chapter IX of the SEBI (Settlement Proceedings) Regulations, 2018

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.... violation and also provide substantial assistance in examination/investigation/inspection/inquiry/audit/any other proceedings (hereinafter referred to as "examination proceedings") that is initiated/is ongoing/yet to be initiated by the Board, against any person in respect of violation of the securities laws for the purpose of seeking grant of confidentiality and reduced settlement charges. 2. In order to assure confidentiality to an applicant who provides assistance in examination proceedings, the Board may assess the information/assistance/co-operation rendered during such examination proceedings by inter alia considering, the following factors:- (A) ASSISTANCE PROVIDED: - Nature of co-operation, based on, but not limited to the fo....

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....on proceedings; (viii) Whether the Board brought a successful judicial or civil and administrative action based on the original information. Explanation - For information to be considered original, it may be:- i. Derived from an independent knowledge and analysis of the person providing, but not from confidential communication protected under the Indian Evidence Act, 1872 (1 of 1872); a. 'Independent knowledge' means information in possession of the applicant that is not derived from publicly available sources but may include his experiences, communications and observations in his business or social interactions; b. 'Independent analysis' means the applicant's own analysis, done alone or in combi....

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....ganization, notifying members of the management who are not involved in the misconduct; (iv) Whether the applicant is/was an auditor/accountant/compliance officer; an associated person of a regulated entity (such as a broker or dealer); a fiduciary for other persons regarding financial matters; an officer or director of listed companies; or a member of senior management and hence ought to have exercised a higher standard of diligence but failed to do so. (v) The plausibility of the reasons for the applicant to delay reporting of the violations of the securities laws; (vi) The degree to which the applicant knowingly interfered with an entity's established legal, compliance or audit procedures to prevent or delay de....