Description

RTI appeal regarding SEBI's clarifications on duplicate share issuance procedures when shareholders submit Court Injunction Orders instead of police FIRs was rejected as queries were deemed hypothetical and seeking opinion rather than information.

Summary

SEBI’s Appellate Authority rejected an RTI appeal filed by Mamta Agrawal seeking information about procedures for duplicate share issuance when shareholders provide Court Injunction Orders or Court Suit Numbers instead of police FIRs. The appeal was filed on September 26, 2025 against the CPIO’s response dated September 26, 2025 to an application dated September 03, 2025. The Appellate Authority determined that the queries were hypothetical in nature and seeking clarification/opinion rather than ‘information’ as defined under Section 2(f) of the RTI Act, and therefore the respondent had no obligation to provide such clarification.

Key Points

  • Appellant sought information regarding SEBI’s May 25, 2022 circular on duplicate share issuance procedures
  • Three queries were raised about procedures when shareholders submit Court Injunction Orders or Court Suit Numbers instead of police FIRs
  • CPIO responded that circulars are publicly available on SEBI website and certain information is exempt under Section 8(1)(a) of RTI Act
  • Appellate Authority ruled all three queries were hypothetical and seeking clarification/opinion, not ‘information’ under Section 2(f) of RTI Act
  • Appeal was rejected as respondent had no obligation to provide clarification or opinion on situational and hypothetical queries

Regulatory Changes

No regulatory changes announced. This is an administrative order on an RTI appeal.

Compliance Requirements

No compliance requirements. This order addresses an individual RTI request and does not impose any obligations on market participants.

Important Dates

  • September 03, 2025: RTI application filed by appellant
  • September 26, 2025: CPIO response provided
  • September 26, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00258)
  • October 10, 2025: Appellate Authority order issued

Impact Assessment

This order has minimal market impact as it pertains to an individual RTI appeal and does not establish new policies or clarify existing regulations for market participants. The decision reinforces that RTI Act does not require regulatory authorities to provide clarifications or opinions on hypothetical scenarios, even when related to existing circulars. The underlying May 25, 2022 circular on duplicate share issuance procedures remains unchanged and publicly available on SEBI’s website.

Impact Justification

This is an RTI appeal order with no market-wide regulatory changes or compliance requirements. It only addresses an individual's request for clarification on duplicate share issuance procedures involving court orders.