SEBI PROPOSES FOR AN INCLUSION OF A CONFIDENTIALITY CLAUSE IN THE SETTLEMENT MECHANISM
A high-level panel constituted by the Security and Exchange Board of India (SEBI) has proposed a confidentiality clause in the settlement mechanism, wherein the identity of the applicant will not be disclosed.
Currently, the settlement mechanism does not have a provision for settlement with confidentiality. All the settlement orders contain details of the applicants and are published on the SEBI website. Now, settlement orders in case of the settlement with confidentiality will need to be published. However, the identity of the applicant will be kept a secret.
This panel will be headed by retired judge A R Dave, who, under the settlement norms, has suggested for an inclusion of a provision for settlement with confidentiality.
SEBI has sought comments from the public till September 1st, after which final regulation will be put in place keeping in mind the suggestion provided by the stakeholders.