Description
RTI appeal by Rupal Narvekar seeking SEBI advisory issued to merchant bankers on April 26, 2022 regarding promoter group disclosures, remitted for reconsideration.
Summary
SEBI Appellate Authority disposed of RTI Appeal No. 6487 of 2025 filed by Rupal Narvekar, remitting the matter back to CPIO for fresh consideration. The appellant sought a copy of SEBI advisory issued to merchant bankers and Association of Investment Bankers of India on April 26, 2022 regarding promoter group disclosures under SEBI (ICDR) Regulations.
Key Points
- RTI application filed June 13, 2025, seeking SEBI advisory on promoter group disclosures
- CPIO denied request under Section 8(1)(a) & 8(1)(d) citing strategic nature and commercial confidentiality
- Appellant contended information was shared externally, hence not strategic or internal
- Appellate Authority found insufficient justification for denial
- Matter remitted for de novo consideration within 15 working days
Regulatory Changes
No regulatory changes introduced. This is an administrative RTI appeal decision.
Compliance Requirements
- CPIO must reconsider the RTI application afresh
- Response to be provided within 15 working days from receipt of order
- Proper justification required if exemptions under RTI Act are invoked
Important Dates
- Original RTI Application: June 13, 2025
- CPIO Response: July 10, 2025
- Appeal Filed: July 16, 2025
- Appellate Order: August 12, 2025
- Deadline for Fresh Response: 15 working days from order receipt
Impact Assessment
Minimal market impact as this relates to transparency in regulatory processes rather than substantive policy changes. May enhance disclosure practices if the requested advisory is eventually released, potentially affecting merchant bankers’ approach to promoter group disclosures in ICDR processes.
Impact Justification
Administrative RTI appeal matter with no direct market impact or regulatory changes