Description

Appellate Authority order dismissing RTI appeal seeking detailed FII trading data and profitability information for May-August 2025 period.

Summary

The SEBI Appellate Authority dismissed Appeal No. 6564 of 2025 filed by Prashant against the CPIO’s response to his RTI application dated August 20, 2025. The appellant sought extensive data on Foreign Institutional Investors (FIIs) trading activities, profitability, and investments from May 16, 2024 to August 14, 2025. The Authority upheld the CPIO’s response that FIIs are no longer registered with SEBI since 2014 (merged into FPI regime from June 1, 2014), and certain queries seeking clarifications/opinions do not constitute ‘information’ under Section 2(f) of the RTI Act.

Key Points

  • Appeal filed on September 20, 2025 (Reg. No. SEBIH/A/E/25/00253) against CPIO response dated September 11, 2025
  • Original RTI application dated August 20, 2025 sought five categories of information about FII activities
  • FIIs have not been registered with SEBI since 2014; merged into Foreign Portfolio Investors (FPIs) regime from June 1, 2014
  • List of registered FPIs is publicly available on NSDL website
  • Queries seeking most profitable companies and top profitable companies deemed as seeking clarifications/opinions, not information under RTI Act
  • Appellate Authority found CPIO’s response adequate and dismissed the appeal
  • Authority relied on Central Information Commission precedent in Azad Singh vs. CPIO, Oriental Insurance Company Limited (March 23, 2021)

Regulatory Changes

No regulatory changes introduced. This is an administrative appellate order clarifying the scope of information available under RTI Act regarding FII/FPI data.

Compliance Requirements

No compliance requirements. This order affirms that:

  • RTI applications cannot be used to seek clarifications or opinions
  • Information requests must fall within the definition of ‘information’ under Section 2(f) of RTI Act
  • Publicly available information (such as FPI lists on NSDL website) satisfies disclosure obligations

Important Dates

  • August 20, 2025: RTI application filed by appellant
  • September 11, 2025: CPIO response issued
  • September 20, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00253)
  • June 1, 2014: Commencement of FPI regime (FIIs, sub-accounts, and QFIs merged into FPIs)

Impact Assessment

Market Impact: None. This is a procedural RTI appellate order with no implications for market operations or trading activities.

Regulatory Impact: Minimal. The order reaffirms existing principles regarding the scope of RTI Act and clarifies that queries seeking opinions or clarifications about profitability rankings do not constitute requests for ‘information’ under the Act.

Investor Impact: No direct impact on investors. The order confirms that FPI registration data is publicly accessible through NSDL, and detailed daily trading/profitability data of individual FPIs is not required to be disclosed under RTI Act as it constitutes seeking analysis rather than factual information.

Impact Justification

Administrative RTI appellate order with no regulatory changes or market impact. Appeal dismissed as queries sought clarifications/opinions rather than defined information under RTI Act.