1st Step: Go to your member's account.
Search for the member in the search engine and open his page. Click on "Modify".
2nd Step: Change the parameters.
Uncheck "Accept email notification" and "Accept SMS notification".
This way emails sent from Smartlist will not be sent to this student. However, transactional emails will be.
3rd Step: Change the student's status.
The student's status will have changed. The bells will be crossed out.