Description
SEBI Appellate Authority dismisses RTI appeal by Pradip Dubale seeking consolidated reports on rating distribution data from Credit Rating Agencies, stating information not maintained in requested format.
Summary
SEBI’s Appellate Authority dismissed Appeal No. 6561 of 2025 filed by Pradip Dubale on October 10, 2025. The appellant had sought consolidated reports or analysis prepared by SEBI based on rating distribution data submitted by SEBI-registered Credit Rating Agencies (CRAs) for the last three financial years. SEBI responded that such information is not maintained in the requested format and directed the appellant to publicly available aggregated information in SEBI’s Annual Reports.
Key Points
- Original RTI application filed on August 28, 2025, seeking CRA-wise comparison and industry-wide rating distribution reports
- SEBI’s CPIO responded on September 15, 2025, stating information not maintained in requested format
- Appeal filed on September 17, 2025 (Reg. No. SEBIH/A/E/25/00246)
- Appellate Authority upheld CPIO’s decision citing that RTI Act does not require authorities to create, collect or collate information not already available
- Authority cited Delhi High Court judgment in Registrar, Supreme Court of India vs. Commodore Lokesh K. Batra (2014)
Regulatory Changes
No regulatory changes introduced. This is an administrative order relating to information disclosure under RTI Act.
Compliance Requirements
No compliance requirements arising from this order. The decision clarifies that SEBI is not obligated to create new reports or consolidate data in formats not already maintained.
Important Dates
- August 28, 2025: RTI application filed by Pradip Dubale
- September 15, 2025: CPIO response provided
- September 17, 2025: Appeal filed
- October 10, 2025: Appeal dismissed by Appellate Authority
Impact Assessment
This order has no direct market or operational impact. It is an administrative decision regarding information availability under the RTI Act. The ruling reinforces that public authorities are not required to process or create new information beyond what is maintained in their records. Market participants seeking credit rating data should refer to SEBI’s Annual Reports and other publicly available documents on SEBI’s website.
Impact Justification
Administrative RTI appeal order with no market impact or regulatory changes. Relates to information availability rather than policy or compliance requirements.