Description
SEBI appellate authority dismisses RTI appeal seeking case-wise details of all insider trading adjudication orders from 2014 onwards, citing resource diversion concerns.
Summary
SEBI’s appellate authority has dismissed Appeal No. 6502 of 2025 filed by Mr. Biswadeep Dutta regarding an RTI request for comprehensive case-wise information on all insider trading adjudication orders issued under SEBI (Prohibition of Insider Trading) Regulations, 2015 from January 1, 2014 to present date.
Key Points
- Appellant sought detailed case-wise information including party names, investigation dates, UPSI periods, penalties, disgorgement amounts, and case outcomes
- SEBI refused disclosure citing that information is maintained in separate files across multiple locations
- Collating the requested information would disproportionately divert SEBI’s resources under Section 7(9) of RTI Act
- SEBI noted that adjudication orders are already available in public domain on SEBI website and annual reports
- Appeal dismissed based on precedent from Central Information Commission order in Deepak Girdhar vs. CPIO, SEBI (March 30, 2021)
Regulatory Changes
No regulatory changes introduced. This is an administrative decision on information disclosure under RTI Act.
Compliance Requirements
No new compliance requirements. SEBI continues to make adjudication orders available through existing public disclosure mechanisms on its website and annual reports.
Important Dates
- June 20, 2025: Original RTI application filed
- July 15, 2025: SEBI response to RTI application
- July 29, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00191)
- August 22, 2025: Appeal dismissed
Impact Assessment
Minimal market impact as this is an administrative decision on information disclosure. The decision maintains SEBI’s position that comprehensive historical data compilation would strain resources while existing public disclosure mechanisms remain available for accessing individual adjudication orders and summary information through annual reports.
Impact Justification
Administrative RTI appeal decision with limited market impact