Description
RTI appeal dismissed as SEBI successfully claimed fiduciary capacity exemption for compliance documents related to Capitalaim Financial Investment Advisor Pvt. Ltd.
Summary
SEBI’s Appellate Authority dismissed RTI Appeal No. 6513 of 2025 filed by Nand Lal against the CPIO’s refusal to provide compliance documents related to Capitalaim Financial Investment Advisor Pvt. Ltd. The appeal was rejected as the requested information was held by SEBI in fiduciary capacity and thus exempt under Section 8(1)(e) of the RTI Act.
Key Points
- RTI application filed on July 9, 2025 seeking compliance documents from Capitalaim Financial case
- CPIO refused information citing fiduciary capacity exemption under RTI Act Section 8(1)(e)
- Appeal filed on August 6, 2025 challenging the refusal
- Appellate Authority upheld CPIO’s decision based on established legal precedents
- Delhi High Court and CIC precedents support fiduciary capacity exemption for regulatory information
Regulatory Changes
No new regulatory changes introduced. The order reaffirms existing RTI Act exemptions for information held in fiduciary capacity.
Compliance Requirements
No new compliance requirements. The order clarifies that:
- SEBI can legitimately refuse disclosure of information received in fiduciary relationship
- Investigation reports, file notings, and third-party communications remain exempt from RTI disclosure
- Regulatory authorities’ fiduciary capacity exemption is well-established
Important Dates
- July 9, 2025: RTI application filed
- August 6, 2025: CPIO response and appeal filed
- August 21, 2025: Appeal dismissed by Appellate Authority
Impact Assessment
Minimal market impact. This administrative decision reinforces SEBI’s ability to maintain confidentiality of regulatory information received from entities under investigation or supervision. The ruling supports regulatory effectiveness by protecting the confidential nature of compliance-related communications between SEBI and market participants.
Impact Justification
Administrative RTI appeal with no market impact, confirms existing information disclosure exemptions