Description

SEBI Appellate Authority order on RTI appeal seeking status of complaint against EIH Limited for alleged LODR Regulation violations. Appeal dismissed citing confidentiality exemptions under RTI Act.

Summary

The SEBI Appellate Authority dismissed Appeal No. 6567 of 2025 filed by Debasish Bandopadhyay regarding an RTI application seeking information about his complaint against EIH Limited for alleged violations of SEBI LODR Regulations in financial statements for 2022-23. The appellant sought complaint status, reasons for non-action, responsible officers, and alternative reporting channels. SEBI’s CPIO refused disclosure citing that such complaints are treated as confidential market intelligence, and examination/investigation details cannot be disclosed under RTI Act exemptions.

Key Points

  • RTI application filed on August 20, 2025 seeking status of complaint against EIH Limited regarding LODR Regulation violations in 2022-23 financial statements
  • CPIO responded on September 12, 2025 citing SCORES FAQs No. 39 regarding Market Intelligence confidentiality
  • Appeal filed on September 19, 2025 (Reg. No. SEBIH/A/E/25/00250) claiming refusal of information access
  • Appellate Authority upheld information denial citing RTI Act exemptions under Sections 8(1)(d), 8(1)(e), and 8(1)(h)
  • Market intelligence complaints are analyzed confidentially and status cannot be disclosed to prevent market speculation and protect investigation integrity
  • SEBI neither confirms nor denies existence of examinations as information may be price-sensitive

Regulatory Changes

No new regulatory changes introduced. Order reaffirms existing SEBI policy on confidentiality of market intelligence inputs and examination/investigation processes.

Compliance Requirements

No new compliance requirements. Order clarifies that:

  • Market intelligence complaints submitted through MI portal are treated confidentially
  • Status updates on such complaints are not provided to complainants
  • Regulatory actions taken by SEBI are published on www.sebi.gov.in when finalized
  • Complainants should monitor SEBI website for any enforcement actions against entities

Important Dates

  • August 20, 2025: RTI application filed
  • September 12, 2025: CPIO response issued
  • September 19, 2025: Appeal filed
  • Order date: October 10, 2025 (implied from circular date)

Impact Assessment

Minimal market impact. This is an administrative order regarding RTI disclosure limits and does not affect trading, listing requirements, or market operations. The order reinforces SEBI’s established practice of maintaining confidentiality during examinations and investigations to protect market integrity and prevent information leakage that could be price-sensitive. No direct impact on EIH Limited stock or broader market participants. The order serves as precedent for similar RTI appeals seeking complaint status information.

Impact Justification

Administrative RTI appeal order with no market-wide regulatory changes or trading implications. Concerns individual complaint status inquiry.