Explain the effect of Settlement Order on third party rights or other proceedings. Also, state the circumstances under which the Settlement Order is revoked.

Regulation 27 of the SEBI (Settlement Proceedings) Regulations, 2018 (the said regulations) provides for Effect of settlement order on third party rights or other proceedings. According to regulation 27: (1) A settlement order under the said regulations shall not be admissible as evidence in any other proceeding relating to an alleged default not covered under the settlement order nor affect the right of third parties arising out of the alleged default. (2) Where any applicant who obtains a settlement order is also noticee along with any other person in any civil and administrative proceeding, the Adjudicating Officer or the Securities Exchange Board of India (SEBI) while disposing proceedings against such other person may make necessary observations in respect of the applicant in so far as is necessary to prove the act of another: Provided that, unless the settlement order is revoked, such observations shall qua the applicant be subject to the settlement order obtained by the applicant. (3) Where any person has obtained a settlement order, which contains observations in respect of any other person for the commission of an alleged default, such an order shall not in itself be admissible as evidence against such other person. Further, regulation 28 of SEBI (Settlement Proceedings) Regulations, 2018 (the said regulations) provides the provisions related to Revocation of the settlement order. According to regulation 28: (1) If the applicant fails to comply with the settlement order or at any time after the settlement order is passed, it comes to the notice of the SEBI that the applicant has not made full and true disclosure or has violated the undertakings or waivers, settlement order shall stand revoked and withdrawn and SEBI shall restore or initiate the proceedings, with respect to which the settlement order was passed. (2) Whenever any settlement order is revoked, no amount paid under these regulations shall be refunded.