Description

SEBI dismisses RTI appeal seeking clarification on whether Research Analysts can specify trade quantities, ruling the request seeks opinion rather than information.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6471 of 2025 filed by Aseem Juneja, who sought clarification on whether SEBI Registered Research Analysts can specify trade quantities or position sizes to clients. The appeal was dismissed as the request was deemed to seek opinion/clarification rather than factual information under the RTI Act.

Key Points

  • Appellant sought clarification on whether Research Analysts can specify trade quantities or position sizes in recommendations
  • SEBI’s CPIO refused the request, stating it seeks clarification/opinion rather than information
  • Appellate Authority upheld the refusal, citing that RTI Act doesn’t cover requests for opinions or interpretations
  • Authority referenced precedent from Central Information Commission in Azad Singh case
  • Appellant was directed to existing SEBI regulations and circulars on Research Analysts

Regulatory Changes

No regulatory changes introduced. The decision reaffirms existing interpretation of RTI Act scope regarding opinion-seeking vs. information requests.

Compliance Requirements

No new compliance requirements. Research Analysts should continue referring to:

  • SEBI (Research Analysts) Regulations, 2014
  • Master Circular for Research Analysts
  • Other relevant SEBI circulars on Research Analysts

Important Dates

  • June 06, 2025: Original RTI application filed
  • July 02, 2025: CPIO response and appeal filed
  • July 28, 2025: Appeal dismissed

Impact Assessment

Minimal market impact. This administrative decision clarifies RTI Act scope but doesn’t change existing Research Analyst regulations or boundaries between Research Analyst and Investment Adviser functions. Market participants seeking regulatory clarifications must use appropriate channels rather than RTI applications.

Impact Justification

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