Description
SEBI Appellate Authority dismisses RTI appeal seeking disclosure of proceedings related to Urban Infrastructure Trustees Ltd. wind-up order, citing exemptions under RTI Act sections 8(1)(a), 8(1)(d), and 8(1)(e).
Summary
The SEBI Appellate Authority rejected Appeal No. 6548 of 2025 filed by Bhavik Bhimjyani, a shareholder of Neelkanth Township and Construction Pvt Ltd., seeking access to documents related to SEBI’s October 31, 2022 order directing Urban Infrastructure Trustees Ltd. (UITL) to wind up the Urban Infrastructure Opportunities Fund scheme. The CPIO denied the RTI request citing exemptions under sections 8(1)(a), 8(1)(d), and 8(1)(e) of the RTI Act, 2005.
Key Points
- Appellant sought copies of all proceedings, notices, reports, correspondence, and documents related to SEBI’s October 31, 2022 order against UITL
- Request included post-order correspondence and SAT appeal proceedings (Appeal No. 93 of 2023)
- CPIO denied access claiming information pertains to SEBI’s internal strategic functioning (exemption 8(1)(a))
- Information includes commercial confidential data of other entities (exemption 8(1)(d))
- Information received in fiduciary capacity with no larger public interest in disclosure (exemption 8(1)(e))
- Appellant is shareholder in company where UITL is also shareholder, with pending litigation between parties
Regulatory Changes
No regulatory changes introduced. This is an appellate decision on information access under the RTI Act.
Compliance Requirements
No new compliance requirements. The decision affirms SEBI’s position that certain regulatory proceedings and commercially confidential information received in fiduciary capacity are exempt from RTI disclosure.
Important Dates
- July 11, 2025: RTI application filed
- August 07, 2025: CPIO response denying information
- September 07, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00235)
- September 30, 2025: Appellate order issued
Impact Assessment
This decision has minimal market impact as it concerns an individual information access dispute. The ruling reinforces SEBI’s ability to maintain confidentiality of regulatory proceedings, internal documents, and commercially sensitive information received from market participants. The decision is specific to the appellant’s case and does not affect broader market operations or regulatory framework.
Impact Justification
Individual RTI appeal decision with no market-wide implications; relates to specific shareholder dispute and information access denial under standard exemptions.