Description

SEBI's Appellate Authority dismisses RTI appeal filed beyond statutory 30-day limit regarding queries about HDFC Securities DIS form enforcement action

Summary

SEBI’s Appellate Authority dismissed RTI Appeal No. 6448 of 2025 filed by Geeta Khattar against the Chief Public Information Officer (CPIO) of SEBI. The appeal was filed beyond the statutory 30-day limit prescribed under Section 19(1) of the RTI Act, 2005. The appellant had sought information about enforcement actions taken against HDFC Securities regarding allegedly fake Delivery Instructions Slip (DIS) forms, but the queries were deemed hypothetical and clarificatory in nature, not constituting “information” under the RTI Act.

Key Points

  • Appeal filed 80 days after the CPIO’s response (received June 23, 2025 vs April 4, 2025 response date)
  • Appellant’s excuse of not receiving email notifications was not accepted for the delay
  • Original RTI queries concerned alleged fake DIS forms issued by HDFC Securities
  • SEBI CPIO had responded that queries were hypothetical and directed appellant to public enforcement records
  • Appellate Authority agreed that queries sought clarification/opinion rather than factual information
  • Appeal dismissed as time-barred under RTI Act provisions

Regulatory Changes

No regulatory changes introduced. This is a procedural ruling on RTI Act compliance and appeal procedures.

Compliance Requirements

  • RTI appeals must be filed within 30 days of receiving CPIO response under Section 19(1) of RTI Act, 2005
  • RTI applications must seek factual information, not hypothetical clarifications or legal opinions
  • Enforcement action information is publicly available on SEBI website under “Enforcement” section

Important Dates

  • RTI Application Filed: March 8, 2025
  • CPIO Response: April 4, 2025
  • Appeal Filed: June 23, 2025 (beyond 30-day statutory limit)
  • Appeal Decision: July 2025

Impact Assessment

This dismissal has minimal market impact as it addresses procedural compliance with RTI Act rather than substantive regulatory matters. The ruling reinforces established principles that RTI applications must seek factual information rather than legal opinions or clarifications on hypothetical scenarios. Market participants should note that enforcement action information remains publicly accessible through SEBI’s website.

Impact Justification

Procedural RTI appeal dismissal with no new regulatory changes or market impact