Description

SEBI's Appellate Authority upholds denial of RTI request for information about third-party SCORES complaint against Bajaj Finance Ltd.

Summary

SEBI’s Appellate Authority rejected an RTI appeal by Sneh Gupta & Satish Kumar Gupta seeking information about a SCORES complaint filed by Mr. D.R Sharma against Bajaj Finance Ltd. The Authority upheld SEBI’s position that the requested information is held in fiduciary capacity and is exempt from disclosure under Section 8(1)(e) of the RTI Act, even though appellants claimed to have stakes in the complaint matter.

Key Points

  • Appeal filed against SEBI’s denial of RTI application seeking details of SCORES complaint against Bajaj Finance Ltd
  • Original complaint filed by Mr. D.R Sharma included BSE-LC matter and ODR Portal proceedings
  • SEBI denied information citing Section 8(1)(e) exemption for fiduciary information
  • Appellants argued they had stakes in the matter and received copies of Bajaj Finance’s response
  • Appellate Authority confirmed information pertains to third-party complaint held in fiduciary capacity
  • Delhi High Court precedent cited supporting fiduciary relationship protection principles

Regulatory Changes

No regulatory changes introduced. This is a procedural ruling on information access rights under the RTI Act.

Compliance Requirements

  • Reinforces that SCORES complaint information remains confidential to protect fiduciary relationships
  • Third parties cannot access complaint details even if claiming indirect interest
  • RTI exemptions under Section 8(1)(e) apply to information held in fiduciary capacity

Important Dates

  • Original RTI application: May 8, 2025
  • SEBI response: May 27, 2025
  • Appeal filed: June 24, 2025 (received June 26, 2025)
  • Appellate Authority order: July 2025

Impact Assessment

Limited market impact as this is primarily a procedural matter regarding information access rights. The ruling reinforces SEBI’s position on protecting confidential complaint information, which maintains the integrity of the SCORES complaint system. No direct impact on Bajaj Finance Ltd’s operations or market position, as the matter concerns disclosure of complaint details rather than substantive regulatory action.

Impact Justification

Procedural RTI matter with limited market impact, primarily concerns information access rights rather than regulatory changes