Description
SEBI's Appellate Authority dismissed RTI appeal seeking information about PACL refund process, citing unavailability of requested information with SEBI.
Summary
SEBI’s Appellate Authority under the RTI Act dismissed Appeal No. 6517 of 2025 filed by Tushar Tyagi seeking information about the PACL refund process. The appeal was filed after SEBI’s CPIO informed that the requested information was not available with SEBI and directed the appellant to check SEBI’s website for publicly available PACL-related information.
Key Points
- Appellant sought detailed information about PACL refund registration portal, timeline, asset liquidation status, and disbursement statistics
- SEBI responded that the requested information is not available with the regulator
- Appellate Authority upheld SEBI’s response, citing precedent that CPIO cannot provide information not in possession
- Appeal was dismissed on September 9, 2025 by Ruchi Chojer, Appellate Authority
Regulatory Changes
No regulatory changes introduced. This is an administrative decision on an RTI appeal.
Compliance Requirements
No new compliance requirements. The decision reaffirms that public authorities under RTI Act are only required to provide information actually in their possession.
Important Dates
- August 4, 2025: Original RTI application filed
- August 12, 2025: SEBI’s response to RTI application
- August 12, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00210)
- September 9, 2025: Appeal dismissed
Impact Assessment
Minimal market impact. This administrative decision clarifies that PACL refund matters are handled by the Justice R.M. Lodha Committee (constituted under Supreme Court order dated February 2, 2016) rather than SEBI directly. Investors seeking PACL refund information should approach the appropriate committee rather than SEBI through RTI applications.
Impact Justification
Administrative RTI appeal decision with no direct market impact or regulatory changes