Description
SEBI dismisses RTI appeal by Gourab Dhara seeking clarification on whether Total Expense Ratio (TER) includes GST, ruling query seeks opinion rather than information.
Summary
SEBI’s Appellate Authority dismissed RTI Appeal No. 6484 of 2025 filed by Gourab Dhara. The appellant sought clarification on whether Total Expense Ratio (TER) of mutual funds includes GST and requested percentage breakup details. The authority ruled that the query sought opinion/clarification rather than information as defined under RTI Act, confirming the original CPIO response was appropriate.
Key Points
- Appeal filed on July 12, 2025 against CPIO response dated July 10, 2025
- Original RTI application dated June 24, 2025 sought clarification on TER and GST inclusion
- CPIO correctly identified query as seeking opinion rather than information under RTI Act
- Appellate Authority cited precedent from Azad Singh vs. CPIO case (March 23, 2021)
- CPIO referred appellant to SEBI Master Circular on Mutual Funds dated June 27, 2024
Regulatory Changes
No regulatory changes introduced. The order reaffirms existing RTI Act interpretation that CPIOs cannot provide opinions or clarifications, only factual information available on record.
Compliance Requirements
No new compliance requirements. The order clarifies that RTI applications seeking opinions, clarifications, or advice fall outside RTI Act scope and will be appropriately declined.
Important Dates
- June 24, 2025: Original RTI application filed
- July 10, 2025: CPIO response provided
- July 12, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00178)
- August 5, 2025: Appeal dismissed by Appellate Authority
Impact Assessment
Minimal market impact. This administrative decision reinforces RTI Act boundaries without affecting mutual fund operations or investor rights. Investors seeking TER clarification can refer to existing SEBI Master Circular on Mutual Funds as suggested.
Impact Justification
Administrative RTI appeal dismissal with no regulatory changes or market impact