Description
SEBI Appellate Authority rejected RTI appeal seeking information about Karvy Stock Broking Ltd status, ownership changes, and regulatory cases following 2021 scandal.
Summary
SEBI’s Appellate Authority rejected Appeal No. 6474 of 2025 filed by Abhay Ranjan Gupta seeking information about Karvy Stock Broking Ltd’s current status, ownership structure, and regulatory cases. The appeal was rejected as the queries were deemed to be seeking clarification/opinion rather than factual information under the RTI Act.
Key Points
- Appellant sought information about Karvy Stock Broking Ltd’s current status, chairman, and share ownership changes
- Questions included details about the Rs. 2300 crore scandal in February 2021 and related SEBI cases
- Appellant also inquired about K-Fintech Technologies Ltd’s connection to Karvy Group
- SEBI CPIO responded that queries were seeking clarification/opinion, not factual information
- Appellate Authority upheld CPIO’s response, citing RTI Act section 2(f) definition of ‘information’
Regulatory Changes
No regulatory changes announced.
Compliance Requirements
No new compliance requirements specified.
Important Dates
- April 17, 2025: Original RTI application filed
- April 28, 2025: Application received by SEBI
- May 21, 2025: CPIO response provided
- June 23, 2025: Appeal filed
- July 3, 2025: Appeal received by Appellate Authority
Impact Assessment
This is a procedural matter with no direct market impact. The rejection reinforces the scope limitations of RTI Act queries, which must seek factual information rather than opinions or clarifications. The order references ongoing regulatory matters related to Karvy Stock Broking Ltd but does not disclose new information about the entity’s current status or regulatory proceedings.
Impact Justification
Procedural RTI appeal rejection with no market impact or regulatory changes