Description
Appellate Authority decision rejecting RTI appeal regarding investor refunds in Panoramic Group/PAN Card Club Limited matter due to vague queries and adequate CPIO response.
Summary
The SEBI Appellate Authority dismissed Appeal No. 6586 of 2025 filed by Vicky Bhimrao Sonawale against the CPIO’s response to his RTI application dated August 27, 2025. The appellant sought information about measures to help investors in Panoramic Group/PAN Card Club Limited recover their investments. The Authority upheld the CPIO’s response, finding that query no. 1 was vague and non-specific, while queries 2 and 3 were adequately addressed.
Key Points
- RTI application filed on August 27, 2025; CPIO responded on September 23, 2025
- Appeal (Reg. No. SEBIH/A/E/25/00269) filed on October 06, 2025
- Query 1 regarding investor recovery measures deemed vague and not constituting “information” under RTI Act Section 2(f)
- SEBI clarified no form was issued regarding Pancard Clubs Limited (PCL)
- Nodal officer details were provided in response to Query 2
- Refund process not initiated due to pending matters before multiple Courts/Tribunals and stay by Bombay High Court
- Appellate Authority cited precedent from Mr. T. V. Sundaresan vs. CPIO (November 24, 2021) regarding specificity requirements
- Appeal dismissed with no deficiency found in CPIO’s response
Regulatory Changes
No regulatory changes introduced. This is an administrative decision on an RTI appeal.
Compliance Requirements
No new compliance requirements. The decision reinforces that RTI applications must seek specific, clear information existing in documented form with the public authority, not broad or general queries.
Important Dates
- August 27, 2025: RTI application filed
- September 23, 2025: CPIO response issued
- October 06, 2025: Appeal filed
- July 31, 2019: Reference date mentioned for online form submission by investors (historical)
Impact Assessment
This decision has minimal market impact. It is a procedural RTI matter relating to a specific investor’s queries about the PAN Card Club Limited case. The key substantive information revealed is that refund processes in the PCL matter remain stayed due to ongoing litigation before multiple courts including Bombay High Court. The decision reinforces procedural requirements under the RTI Act that information requests must be specific and documented rather than broad or general queries.
Impact Justification
Administrative RTI appeal decision with no market-wide implications; relates to specific investor query about ongoing legal proceedings in PAN Card Club matter