...gh Send Password is set to Yes.

In User Manager Options, SET
Send Password ==> yes

New User Account Activation ==> None

Notification Mail to Administrators ==> No

I was expecting to hide the email activation but still receive the Username and password, but that's not the case.

Not sure id this was intentional by if password is set to yes then I expect the password to be sent. If we do not wish to send it, we should set it to NO.

I modified the file \components\com_users\models\registration.php Line No 436 and added

$emailBody = JText::sprintf(
'COM_USERS_EMAIL_REGISTERED_BODY',
$data['name'],
$data['sitename'],
$data['siteurl'],
$data['username'],
$data['password_clear']

And then modified the message sent via email by adding the following language override entry.

COM_USERS_EMAIL_REGISTERED_BODY="Hello %s,\n\nThank you for registering at %s.\n\nYour account is created and you may now login to %s using the following username and password:\n\nUsername: %s\nPassword: %s"