No Reward shall be made to an Informant:-

(1). who does not submit original information;

(2). who has acquired the Original Information, through or as a member, officer, or an employee of:-
(i) any regulatory agency constituted by or under any law in India or outside India, including the Board;
(ii) any self-regulatory organization;
(iii) the surveillance or investigation wings of any recognised stock exchange or clearing corporation; or
(iv) any law enforcement organization including the police or any central or state revenue authorities.

(3). against whom the Board may initiate or has initiated criminal proceedings under securities laws

(4). who wilfully refused to cooperate with the Board during its course of investigation, inquiry, audit, examination or other proceedings under securities laws;

(5). who:
(i) knowingly makes any false, fictitious, or fraudulent statement or representation; or
(ii) uses any false writing or document knowing that the writing or document contains any false, fictitious, or fraudulent statement or entry; or
(iii) fails to furnish the complete information available with him or accessible by him in relation to the alleged violation.

(6). who is obligated, under any law or otherwise, to report such Original Information to the Board, including a compliance officer under securities laws.
Provided that the Board may if deemed fit, at its sole discretion, exempt a person from any of these disqualifications.