Description

RTI appeal dismissed regarding PACL certificate transaction details as the requested information is not available with SEBI.

Summary

The Appellate Authority dismissed Appeal No. 6610 of 2025 filed by Lakshmanan C under the Right to Information Act, 2005. The appellant sought transaction details for his PACL certificate (U322060XXX) regarding an admissible account transfer that he claimed not to have received. SEBI’s CPIO responded that the requested information is not available with SEBI. The Appellate Authority upheld this response, noting that the Justice (Retd.) R.M. Lodha Committee handles PACL property disposal and investor repayment matters, and this Committee is not a public authority under the RTI Act.

Key Points

  • Appeal filed on November 5, 2025 against CPIO’s response dated October 30, 2025
  • Appellant requested transaction details (account number, date, transaction ID) for alleged PACL payment transfer
  • CPIO confirmed requested information not available with SEBI
  • Justice R.M. Lodha Committee (constituted per Supreme Court order dated February 2, 2016) is responsible for PACL investor repayment
  • Central Information Commission has held that Justice Lodha Committee is not a public authority under RTI Act
  • Appeal dismissed with no deficiency found in CPIO’s response

Regulatory Changes

No regulatory changes introduced. This is an administrative RTI appeal decision.

Compliance Requirements

No compliance requirements. The decision affirms that:

  • SEBI does not maintain transaction-level details for PACL investor repayments
  • Investors should refer to publicly available Status Reports, FAQs, Press Releases and Public Notices on SEBI’s website regarding PACL matters
  • Queries about PACL refund status should be directed to appropriate channels, not RTI applications to SEBI

Important Dates

  • October 27, 2025: RTI application filed by appellant
  • October 30, 2025: CPIO response provided
  • November 5, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00289)
  • November 28, 2025: Appeal dismissed by Appellate Authority

Impact Assessment

This decision has minimal market impact as it addresses an individual RTI appeal concerning PACL investor refunds. The order clarifies jurisdictional boundaries, confirming that SEBI does not maintain granular transaction data for PACL repayments managed by the Justice Lodha Committee. The decision reinforces precedent established by the Central Information Commission that certain committees constituted by courts may fall outside RTI Act’s scope. No impact on trading, listing, or broader market operations.

Impact Justification

Administrative RTI appeal decision with no market impact or regulatory changes. Concerns individual investor query about PACL refund status.