Description

Appeal regarding access to SEBI circulars and internal communications on margin shortfall calculation and penalty policies for equity derivatives.

Summary

Appeal No. 6507 of 2025 filed by Suba against SEBI’s CPIO regarding access to information on margin shortfall calculation, penalty imposition, and square-off policies for equity derivatives. The appellant sought certified copies of all SEBI circulars, notifications, guidelines, and internal communications since January 2020 related to margin shortfall policies, particularly for options contracts during expiry week.

Key Points

  • Appellant filed RTI application on July 4, 2025 seeking comprehensive documentation on margin shortfall policies
  • SEBI responded on August 1, 2025 providing public domain information but denying access to internal communications
  • Internal communications deemed exempt under RTI Act sections 8(1)(a), 8(1)(d), and 8(1)(e)
  • SEBI cited strategic nature of internal communications and potential harm to regulatory decision-making
  • Appellate Authority noted that publicly available information cannot be considered as held by public authority under RTI Act

Regulatory Changes

No new regulatory changes introduced. This is a procedural appeal regarding information access rights under the RTI Act.

Compliance Requirements

No new compliance requirements. The order clarifies that:

  • Public authorities are not obligated to research and compile information already in public domain
  • Internal strategic communications remain protected under RTI exemptions
  • Relevant SEBI circulars and guidelines remain accessible through SEBI website

Important Dates

  • July 4, 2025: RTI application filed by appellant
  • August 1, 2025: SEBI’s response to RTI application
  • August 2, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00198)

Impact Assessment

Minimal market impact as this is a procedural matter regarding information access. The decision reinforces existing transparency framework where public information remains accessible while protecting strategic internal communications. No changes to actual margin shortfall policies or derivative trading regulations.

Impact Justification

Procedural RTI appeal with limited market impact, primarily about information access rather than regulatory changes