Description

Appellate Authority remits RTI application back to CPIO for reconsideration regarding SEBI circulars on uniform norms for good and bad deliveries in physical securities transfer.

Summary

The Appellate Authority under the RTI Act has disposed of Appeal No. 6583 of 2025 filed by Rachit Agrawal against the CPIO, SEBI, Mumbai. The appellant sought information regarding SEBI circulars on uniform norms for good and bad deliveries in physical securities. The CPIO had rejected the request citing Section 7(9) of the RTI Act, stating that collating information from multiple files would disproportionately divert resources. The Appellate Authority disagreed with this reasoning and remitted the application back to the CPIO for fresh consideration within 15 working days.

Key Points

  • Appellant filed RTI application on September 04, 2025 seeking SEBI circulars on good and bad delivery norms
  • CPIO rejected the request on October 03, 2025 citing Section 7(9) (disproportionate diversion of resources)
  • Appellate Authority found the rejection unjustified given the nature and volume of information requested
  • Application remitted to CPIO for de novo consideration with appropriate response required within 15 working days
  • Physical securities transfer was discontinued with effect from April 01, 2019

Regulatory Changes

No new regulatory changes introduced. This is an administrative order directing reconsideration of an RTI application.

Compliance Requirements

  • CPIO, SEBI, Mumbai must reconsider the RTI application afresh
  • CPIO must ascertain availability of requested information and determine if it can be provided under RTI Act provisions
  • Appropriate response must be sent to the appellant within 15 working days from receipt of this order dated October 30, 2025

Important Dates

  • September 04, 2025: RTI application filed by Rachit Agrawal
  • October 03, 2025: CPIO’s response rejecting the application
  • October 03, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00266)
  • October 30, 2025: Appellate Authority order issued
  • Deadline: CPIO must respond within 15 working days from October 30, 2025
  • Historical Reference: April 01, 2019 - date when physical securities transfer was discontinued

Impact Assessment

Market Impact: None. This is a procedural RTI appeal with no impact on market operations, trading, or listed entities.

Operational Impact: Limited to SEBI’s internal RTI compliance processes. The CPIO will need to collate historical circulars on good and bad delivery norms from August 1996 until April 2019.

Transparency Impact: Positive for transparency as the Appellate Authority has upheld the spirit of the RTI Act by rejecting the blanket denial based on resource diversion grounds.

Information Sought:

  1. Copy of SEBI circular dated August 19, 1996 on uniform norms for good and bad deliveries (Ref: SMD/RCG/3811/96)
  2. List of all SEBI circulars on this topic from SEBI’s inception until April 01, 2019

The information pertains to historical norms for physical securities transfer, which is no longer operational, limiting its practical relevance to current market participants.

Impact Justification

Administrative RTI appeal with no direct market impact; concerns historical information on physical securities transfer norms which were discontinued in 2019