Description

SEBI Appellate Authority dismisses RTI appeal seeking information on PACL claims settlement, clarifying that requested information is not available with SEBI and matters are handled by Justice Lodha Committee.

Summary

The SEBI Appellate Authority dismissed Appeal No. 6553 of 2025 filed by Jagesh Kumar against the Central Public Information Officer (CPIO), SEBI Mumbai. The appellant had sought information regarding PACL claims settlement amounts, payment timelines, and interest details through an RTI application dated August 25, 2025. The CPIO responded that the requested information is not available with SEBI. The Appellate Authority upheld this response, clarifying that the Justice (Retd.) R.M. Lodha Committee, constituted pursuant to the Supreme Court order dated February 2, 2016, is responsible for disposal of PACL properties and repayment to investors.

Key Points

  • Appeal filed on September 10, 2025 (Reg. No. SEBIH/A/E/25/00239) against CPIO’s response dated September 9, 2025
  • Appellant sought five specific queries related to PACL claims settlement, payment timelines, and interest calculations
  • SEBI confirmed that requested information is not available with SEBI
  • Justice R.M. Lodha Committee (headed by former Chief Justice of India) is the entity responsible for PACL matters, not SEBI
  • Committee constituted under Supreme Court of India order dated February 2, 2016
  • Status Reports, FAQs, Press Releases, and Public Notices regarding PACL are available on SEBI website in public domain
  • Appeal dismissed with no deficiency found in CPIO’s response

Regulatory Changes

No regulatory changes introduced. This is an administrative order clarifying the jurisdiction and information availability related to PACL investor claims.

Compliance Requirements

No compliance requirements. This order clarifies that:

  • SEBI does not hold information regarding PACL claims settlement details
  • Investors seeking information on PACL claims should refer to publicly available information on SEBI website or contact the Justice Lodha Committee

Important Dates

  • August 25, 2025: RTI application filed by appellant
  • September 9, 2025: CPIO response provided
  • September 10, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00239)
  • October 8, 2025: Appellate Authority order dismissing appeal
  • February 2, 2016: Supreme Court order constituting Justice Lodha Committee (historical reference)

Impact Assessment

Market Impact: None. This is a procedural RTI appeal order with no market implications.

Operational Impact: Minimal. The order reinforces existing administrative arrangements where the Justice Lodha Committee, not SEBI, handles PACL investor claims and repayments. Investors seeking PACL-related information are directed to publicly available resources on SEBI’s website or to approach the Justice Lodha Committee directly.

Investor Impact: Low. PACL investors seeking claim information should utilize publicly available resources (Status Reports, FAQs, Press Releases, Public Notices) on SEBI website or contact the Justice Lodha Committee responsible for the matter.

Impact Justification

Administrative RTI appeal order with no market impact or regulatory changes. Confirms existing arrangement where Justice Lodha Committee handles PACL investor claims, not SEBI.