Description

SEBI dismisses RTI appeal seeking monthly breakdown of complaints against Bank of Maharashtra, citing fiduciary capacity and commercial confidentiality exemptions.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6454 of 2025 filed by Nitin Goradia, who sought monthly breakdown of complaints against Bank of Maharashtra received through SCORES since January 2023. The appeal was denied based on exemptions under RTI Act sections 8(1)(d) and 8(1)(e), citing that the information is held in fiduciary capacity and contains commercial confidential information that could harm competitive position.

Key Points

  • Appeal filed against CPIO SEBI Mumbai’s refusal to provide complaint data about Bank of Maharashtra
  • Original RTI application sought monthly breakdown of SCORES complaints since January 2023
  • SEBI cited fiduciary capacity and commercial confidentiality as grounds for denial
  • Appellate Authority upheld the decision, referencing Supreme Court precedent on fiduciary relationships
  • Information deemed exempt under RTI Act sections 8(1)(d) and (e)

Regulatory Changes

No regulatory changes introduced. This is an administrative decision on information disclosure under RTI Act.

Compliance Requirements

No new compliance requirements. The decision reinforces existing principles regarding confidential information held by SEBI in fiduciary capacity.

Important Dates

  • RTI Application Filed: June 18, 2025
  • CPIO Response: June 26, 2025
  • Appeal Filed: June 26, 2025 (Reg. No. SEBIH/A/E/25/00152)
  • Appellate Order Date: July 22, 2025

Impact Assessment

Minimal market impact as this is an administrative RTI decision. The ruling reinforces SEBI’s position on protecting confidential information received from regulated entities, maintaining the principle that complaint data about specific entities cannot be disclosed due to commercial confidentiality and fiduciary relationship obligations. This precedent may affect future RTI requests seeking entity-specific complaint information from SEBI.

Impact Justification

Administrative RTI appeal decision with no direct market impact or regulatory changes affecting trading or compliance