Description
RTI appeal dismissed regarding complaints against Mirae Asset Capital Markets (M.Stock) as requested information not maintained in specified format by SEBI.
Summary
SEBI’s Appellate Authority dismissed Appeal No. 6562 of 2025 filed by Saikrishna Vasantha on October 9, 2025. The appellant sought information regarding customer complaints against Mirae Asset Capital Markets (India) Pvt. Ltd. (M.Stock), specifically complaints about unilateral imposition of brokerage charges on customers with Lifetime Zero Brokerage plans. The appeal was dismissed as SEBI does not maintain the requested information in the specific format sought by the appellant.
Key Points
- Original RTI application filed on August 30, 2025 seeking complaint data for period December 30, 2024 to August 30, 2025
- Appellant specifically sought complaints regarding brokerage charges imposed on Lifetime Zero Brokerage plan customers
- CPIO responded on September 17, 2025 that information not maintained in requested format
- Appeal filed on September 17, 2025 (Reg. No. SEBIH/A/E/25/00247)
- Appellate Authority upheld CPIO’s decision citing Delhi High Court precedent that public authorities are not obligated to create, collect or collate information not already available
- Appeal dismissed on October 9, 2025 by Appellate Authority Ruchi Chojer
Regulatory Changes
No regulatory changes introduced. This is an administrative order under the Right to Information Act, 2005.
Compliance Requirements
No compliance requirements. This order pertains to RTI Act procedures and information disclosure limitations.
Important Dates
- August 30, 2025: RTI application filed by appellant
- September 17, 2025: CPIO response provided; appeal filed
- October 9, 2025: Appeal dismissed by Appellate Authority
Impact Assessment
Minimal impact on markets or operations. This is a procedural RTI appeal order clarifying that SEBI is not required to process or reformat complaint data not maintained in the specific manner requested. The order reinforces established RTI principles that public authorities need only provide information in the form it is maintained, not create new compilations. No impact on Mirae Asset Capital Markets operations or any regulatory action indicated.
Impact Justification
Administrative RTI appeal order with no regulatory changes or market-wide impact. Only clarifies information availability limitations under RTI Act.