RTI Appeal Dismissed in Sahara Housing Investment Corporation Refund Query

Description

SEBI appellate authority dismisses RTI appeal regarding Sahara Housing Investment Corporation refund process, confirming cut-off date of July 2, 2018 for refund applications.

Summary

SEBI’s Appellate Authority dismissed RTI Appeal No. 6450 of 2025 filed by Dinesh Jindal regarding the refund process for Sahara Housing Investment Corporation Limited (SHICL) investments. The appellant sought information about the step-by-step refund process and time limits for claiming refunds. The authority confirmed that SEBI had adequately provided information about the refund mechanism and that the cut-off date of July 2, 2018, for receiving refund applications was final.

Key Points

• Appeal filed by Dinesh Jindal on June 25, 2025, against SEBI’s RTI response
• Query concerned refund process for Sahara Housing Investment Corporation Limited investments
• SEBI had issued press releases and advertisements detailing refund application process in 2013-2014
• Final cut-off date for refund applications was July 2, 2018
• No applications accepted after the cut-off date
• Appellate Authority found SEBI’s response adequate and dismissed the appeal

Regulatory Changes

No new regulatory changes introduced. The order reaffirms existing timelines and procedures established for Sahara refund process under Supreme Court directions from 2012.

Compliance Requirements

• No new compliance requirements
• Confirms that refund applications for SHICL and SIRECL bondholders were only processed until July 2, 2018
• No further applications will be entertained after the established cut-off date

Important Dates

• June 3, 2025: Original RTI application filed
• June 25, 2025: SEBI’s response to RTI application
• June 25, 2025: Appeal filed by appellant
• July 22, 2025: Appellate Authority order date
• July 2, 2018: Final cut-off date for Sahara refund applications (established earlier)

Impact Assessment

This order has minimal market impact as it relates to an administrative RTI matter concerning the already-concluded Sahara refund process. The dismissal of the appeal confirms the finality of the July 2, 2018 cut-off date for refund claims. This provides clarity to other potential claimants that no further refund applications will be considered for Sahara Housing Investment Corporation Limited or Sahara India Real Estate Corporation Limited investments.

Impact Justification

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