Description

RTI appeal regarding standard protocol for NAV allocation when SIP debit dates fall on non-business days and delayed NAV allocation practices.

Summary

Appeal No. 6520 of 2025 filed by Vikash Raj under the Right to Information Act, 2005, seeking information about standard protocols for NAV allocation when SIP debit dates fall on non-business days. The appellate authority found that the queries were seeking clarifications rather than information as defined under the RTI Act.

Key Points

  • RTI application filed on July 16, 2025, seeking clarification on SIP NAV allocation protocols
  • SEBI responded on August 12, 2025, stating queries were seeking clarifications, not information under RTI Act
  • Appeal filed on August 13, 2025 (Reg. No. SEBIH/A/E/25/00213)
  • Appellate authority upheld SEBI’s response that queries cannot be construed as seeking ‘information’ under section 2(f) of RTI Act
  • Specific concerns raised about LIC Mutual Fund and KFintech practices

Regulatory Changes

No regulatory changes announced. The appeal was dismissed as the queries were deemed to be seeking clarifications rather than information under the RTI Act.

Compliance Requirements

  • RTI applications must seek ‘information’ as defined under section 2(f) of the RTI Act
  • Queries seeking clarifications or interpretations do not qualify as information requests under RTI
  • Investor grievances should be lodged through SCORES portal

Important Dates

  • July 16, 2025: RTI application filed
  • August 12, 2025: SEBI’s response to RTI application
  • August 13, 2025: Appeal filed
  • September 2025: Appeal order issued

Impact Assessment

Minimal market impact. This is an RTI appeal order clarifying the scope of information requests under the RTI Act. The underlying concerns about SIP NAV allocation practices were not addressed as they were deemed outside the scope of RTI. Investors with similar concerns are directed to use SCORES portal for grievances.

Impact Justification

RTI appeal with queries seeking clarifications rather than regulatory changes or market impact