Description

SEBI Appellate Authority order on RTI appeals seeking demat account information from CDSL/NSDL, clarifying SEBI's role and depositories' status under RTI Act.

Summary

SEBI’s Appellate Authority disposed of two RTI appeals (Nos. 6498 & 6499 of 2025) filed by Sanjay Kumar seeking demat account information from CDSL and NSDL. The appeals were rejected as the requested information is not maintained by SEBI and the applications were repetitive in nature.

Key Points

  • Appeals filed against SEBI’s response to RTI applications seeking demat account details from CDSL/NSDL
  • Information sought included PAN-linked demat accounts, DP details, holdings, transaction history, and KYC documents
  • SEBI clarified it does not maintain such detailed demat account information in normal course of regulation
  • Central Information Commission has ruled that CDSL and NSDL are not ‘public authorities’ under RTI Act
  • Applications were found to be repetitive as similar requests were made earlier in April 2025

Regulatory Changes

No regulatory changes introduced. The order clarifies existing information disclosure framework under RTI Act.

Compliance Requirements

  • RTI applicants should direct demat account queries to appropriate depositories rather than SEBI
  • Repetitive RTI applications may be rejected by authorities
  • Information seekers should contact CDSL/NSDL helpdesks directly for demat account related information

Important Dates

  • June 13, 2025: First RTI application filed
  • June 14, 2025: Second RTI application filed
  • June 30, 2025 & July 10, 2025: SEBI responses provided
  • July 26 & 30, 2025: Appeals filed
  • August 21, 2025: Appellate Authority order issued

Impact Assessment

Minimal market impact. The order provides procedural clarity on RTI information requests related to demat accounts and reinforces the limited scope of information maintained by SEBI versus depositories. It may reduce similar repetitive RTI applications in future.

Impact Justification

Administrative RTI appeal with limited market impact, clarifies information access procedures