Write short notes on: (ii) Rejection of Application under Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018.

The provisions related to rejection of application under Securities Exchange Board of India (Settlement Proceedings) Regulations, 2018 (the said regulations) is provided under Regulation 6 of the said regulations. The provisions of the regulation 6 are as under: Regulation 6(1) of the said regulations provides that an application may at any time be rejected on the following grounds: a. Where the applicant refuses to receive or respond to the communications sent by the Securities Exchange Board of India (SEBI); b. Where the applicant does not submit or delays the submission of information, document, etc., as called for by the SEBI; c. Where the applicant who is required to appear, does not appear before the Internal Committee on more than one occasion; d. Where the applicant violates in any manner the undertaking and waivers as provided in Part-C of the Schedule-I; e. Where the applicant does not remit the settlement amount within the period specified in clause (a) of sub-regulation (2) of regulation 15 and/or does not abide by the undertaking and waivers. Regulations 6(2) of the said regulations provides that the rejection under regulation 6(1) shall be communicated to the applicant: Provided that the applicant shall continue to be bound by the waivers given in respect of limitation or laches in respect of the initiation or continuation or restoration of any legal proceeding and the waivers given under sub-paras (d), (e), (f) and (g) of para 12 of the undertaking and waivers as provided in Part-C of the Schedule-I.