Description
RTI appeal regarding retail trader loss data and Static IP restrictions for API/algo trading platforms.
Summary
SEBI’s Appellate Authority disposed of Appeal No. 6587 of 2025 filed by Sudhanshu regarding an RTI application dated August 12, 2025. The appeal concerned access to information about retail trader losses in equity cash and derivatives segments, and queries regarding Static IP restrictions for API/algo trading platforms. The Authority found no deficiency in CPIO’s response to queries 1-3 regarding trader loss data, as available information was provided with clarifications.
Key Points
- RTI application filed on August 12, 2025; CPIO responded on September 10, 2025
- Appeal filed on October 6, 2025 (Reg. No. SEBIH/A/E/25/00270) on grounds of refused access to information
- SEBI provided data on individual investors making losses in equity derivatives for FY22-FY25
- Data based on sample of 113 lakh F&O traders from top 15 brokers (FY22-FY24) and 96 lakh traders from top 13 brokers (FY25)
- SEBI does not maintain data for: (a) profits/losses of individuals in Cash segment, and (b) profit/losses in F&O segment for FY21
- Queries 4, 8-10, 12-14, 16-17 regarding Static IP restrictions rationale, alternative methods, availability assessment, and compliance costs remain pending final determination
Regulatory Changes
No regulatory changes introduced. This is an RTI appellate order addressing information disclosure.
Compliance Requirements
No new compliance requirements imposed by this order.
Important Dates
- August 12, 2025: RTI application filed by appellant
- September 10, 2025: CPIO response to RTI application
- October 6, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00270)
- November 3, 2025: Appellate order issued
Impact Assessment
This order has minimal market impact as it relates to RTI information disclosure procedures. The order confirms SEBI’s transparency regarding retail trader loss data in derivatives markets while clarifying data limitations for cash segment and FY21 F&O data. The pending queries regarding Static IP restrictions for API/algo trading remain unanswered in this partial order, which may be relevant for retail traders using algorithmic trading platforms, particularly in Tier 3/4 cities and villages.
Impact Justification
RTI appellate order providing clarification on data availability regarding retail trader losses and pending queries on Static IP requirements. Limited operational impact on markets.