Description

Appellate Authority decision on RTI application seeking information on weekly/monthly expiry changes and maximum quantity limits for Nifty/Sensex futures and options trading across different trader categories.

Summary

This is an order by SEBI’s Appellate Authority under the Right to Information Act, 2005 regarding Appeal No. 6570 of 2025 filed by Mohit Sharma. The appellant sought information on potential changes to weekly/monthly expiry periods for Nifty/Sensex derivatives and maximum quantity limits for futures and options trading across different trader categories (retailers, brokers, institutions, FIIs/DIIs). The CPIO partially denied information under Section 8(1)(a) exemption for strategic policy matters and directed the appellant to publicly available master circulars for other queries.

Key Points

  • Appeal filed on September 20, 2025 (Reg. No. SEBIH/A/E/25/00254) against CPIO’s response dated September 16, 2025
  • Original RTI application dated August 23, 2025 sought five categories of information on derivatives trading
  • Query 1 on changes to expiry periods denied under Section 8(1)(a) exemption as strategic policy information
  • Queries 2-5 on maximum trading quantities directed to Para 1.9 of Chapter 4 of Master Circular for Stock Exchanges dated December 30, 2024
  • Master circular covers pre-trade risk controls for stocks, ETFs, index futures and stock futures

Regulatory Changes

No regulatory changes announced. This is an RTI appeal order regarding disclosure of existing information.

Compliance Requirements

No compliance requirements for market participants. This order addresses information disclosure under RTI Act.

Important Dates

  • August 23, 2025: RTI application filed
  • September 16, 2025: CPIO response issued
  • September 20, 2025: Appeal filed
  • Document date: October 10, 2025

Impact Assessment

This order has minimal market impact as it is an administrative decision on RTI disclosure. The CPIO invoked exemption under Section 8(1)(a) for strategic policy matters related to potential changes in derivatives expiry periods, citing that disclosure would reveal regulatory thinking and potentially compromise market interests. For information on trading quantity limits, the appellant was directed to publicly available master circulars on risk management framework already published by SEBI.

Impact Justification

RTI appeal order regarding information disclosure on derivatives trading parameters; no regulatory changes or compliance requirements for market participants