Description
RTI appeal regarding IPO allotment process transparency, lottery mechanisms, and SEBI's oversight of registrars handling IPO allotments for FY 2025-26.
Summary
SEBI’s Appellate Authority issued an order on Appeal No. 6551 of 2025 filed by Suhas C G against the CPIO, SEBI Mumbai. The appellant sought information under the RTI Act dated August 2, 2025 regarding IPO allotments in FY 2025-26, lottery process fairness, and SEBI’s oversight mechanisms. The CPIO responded on August 25, 2025, stating that detailed allotment data is not available with SEBI but can be accessed from BSE, NSE, or RTA websites. Several queries were deemed as seeking clarifications/opinions rather than information under Section 2(f) of the RTI Act.
Key Points
- Appellant filed RTI application on August 2, 2025 seeking IPO allotment statistics and process transparency details
- CPIO responded that allotment data for individual applicants is not maintained by SEBI
- Alternative sources provided: BSE, NSE, and Registrar websites for allotment details
- Queries regarding speculation of rigged allotments, lottery fairness, and SEBI’s trust in registrars were categorized as seeking opinions, not information
- Regulatory actions by SEBI are publicly available on SEBI website
- Relevant SEBI Circulars and Regulations referenced for allotment procedures and timelines
- Appeal filed on September 9, 2025 (Reg. No. SEBIH/A/E/25/00238) challenging refusal of information
Regulatory Changes
No regulatory changes introduced. This is an RTI appeal order addressing information disclosure under the Right to Information Act, 2005.
Compliance Requirements
No new compliance requirements. The order pertains to RTI disclosure obligations of SEBI as a public authority.
Important Dates
- August 2, 2025: RTI application filed by appellant
- August 25, 2025: CPIO response provided
- September 9, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00238)
- October 8, 2025: Appeal order date
Impact Assessment
This RTI appeal has minimal market impact as it concerns administrative information disclosure procedures. The order clarifies that:
- Granular IPO allotment data per applicant/PAN is not centrally maintained by SEBI
- Investors can access allotment information through exchange and registrar websites
- Questions seeking opinions or clarifications fall outside the scope of RTI Act’s definition of “information”
- SEBI’s regulatory actions and IPO allotment procedures are publicly available
The appeal highlights investor concerns about IPO allotment transparency and lottery process integrity, but does not result in any changes to existing IPO mechanisms or regulatory oversight.
Impact Justification
RTI appeal order regarding information disclosure; no regulatory changes or market impact; administrative matter concerning transparency of IPO allotment data