Description

RTI appeal dismissed as SEBI does not maintain records of RTA's dual record-keeping for Gradiente Infotainment Ltd shares.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6600 of 2025 filed by Harbans Singh Sahni under the Right to Information Act, 2005. The appellant sought certified copies of records relating to folio number GRL0000317 maintained by RTAs KFintech and Purva Share Registry for Gradiente Infotainment Ltd, alleging dual record-keeping. SEBI informed that such information is not maintained in the normal course of regulation and directed the appellant to use the SCORES platform for grievance redressal against intermediaries.

Key Points

  • Application filed on October 10, 2025 seeking information about dual record-keeping by RTAs for Gradiente Infotainment Ltd
  • Appellant alleged two sets of records maintained: 18454 to 18483 and 66577 for consolidated shares from December 12, 2010
  • SEBI responded that requested information is not maintained in normal course of regulation
  • Appeal filed on October 27, 2025 on grounds of refusal of information access
  • Appellate Authority upheld SEBI’s response citing Supreme Court precedent that RTI Act provides access only to existing information
  • SEBI cannot be required to collect or collate non-available information

Regulatory Changes

No regulatory changes introduced. This is an appellate order under the RTI Act addressing information availability.

Compliance Requirements

  • For grievances against SEBI registered intermediaries, listed companies, or recognized market infrastructure institutions, complaints should be lodged on SCORES (online platform)
  • RTI applications can only access information that exists in SEBI’s records, not information SEBI does not maintain

Important Dates

  • October 10, 2025: RTI application filed
  • October 27, 2025: SEBI’s response to RTI application
  • October 27, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00280)
  • November 20, 2025: Appellate Authority order issued

Impact Assessment

Minimal market impact. This is an individual RTI appeal with no systemic implications. The order reaffirms established principles that SEBI can only provide information available in its records and cannot create or collate information not maintained in the normal course of regulation. The matter relates to alleged dual record-keeping by RTAs for a specific company (Gradiente Infotainment Ltd) dating back to 2010, but SEBI does not maintain such detailed RTA operational records. Investors with similar grievances are directed to use the SCORES platform for resolution.

Impact Justification

Individual RTI appeal with no broader market implications; information not available with SEBI