Description
SEBI Appellate Authority dismisses RTI appeal seeking information about alleged fraudulent acts by Hubtown Ltd, citing vague queries and adequate response by CPIO.
Summary
The SEBI Appellate Authority dismissed RTI Appeal No. 6449 of 2025 filed by Ramesh Ramchandani against the Chief Public Information Officer (CPIO), SEBI Mumbai. The appellant had sought information regarding alleged fraudulent acts, misrepresentation, and regulatory violations by Hubtown Ltd (BSE: 532799). The Authority found that the CPIO had adequately responded by explaining SEBI’s confidential investigation process and that the appellant’s queries were vague and non-specific.
Key Points
- Appellant filed RTI application on May 20, 2025 seeking information about alleged violations by Hubtown Ltd
- CPIO responded on June 12, 2025 explaining SEBI’s confidential examination and investigation procedures
- Appeal filed on June 24, 2025 without specific grounds mentioned
- Authority dismissed appeal citing adequate response and vague queries by appellant
- Referenced Central Information Commission precedent requiring specific and clear information requests under RTI Act
Regulatory Changes
No regulatory changes introduced. This is an administrative decision on RTI compliance and information disclosure procedures.
Compliance Requirements
- RTI applications must seek specific, clear information available in documented form with public authorities
- Broad, multiple, and general queries cannot be entertained under RTI Act provisions
- Market intelligence and investigation matters are treated as confidential by SEBI
Important Dates
- RTI Application Filed: May 20, 2025
- CPIO Response: June 12, 2025
- Appeal Filed: June 24, 2025
- Appeal Decision: July 2025
Impact Assessment
This administrative ruling has minimal market impact as it clarifies existing RTI procedures and SEBI’s confidential investigation framework. The decision reinforces that investigation details remain confidential while enforcement orders are made public. Market participants seeking information about potential violations should use SEBI’s Market Intelligence portal (https://mi.sebi.gov.in) rather than RTI applications for broad investigative queries.
Impact Justification
Administrative RTI appeal dismissal with no direct regulatory impact on markets or compliance requirements