Description
RTI appeal regarding complaint examination status dismissed. Information exempted under Section 8(1)(h) as SEBI maintains confidentiality of investigations and examinations.
Summary
SEBI’s Appellate Authority dismissed Appeal No. 6614 of 2025 filed by Ganesh Bhausaheb Kshirsagar under the Right to Information Act, 2005. The appellant sought information regarding actions taken on his complaint dated May 15, 2025, and copies of documents/replies obtained during examination. The Appellate Authority upheld SEBI’s denial of information under Section 8(1)(h) of the RTI Act, which exempts disclosure that would impede investigation processes.
Key Points
- Appellant filed RTI application on September 25, 2025 seeking status and documents related to his May 15, 2025 complaint to SEBI
- SEBI (CPIO) responded on October 23, 2025 stating investigations are conducted confidentially and SEBI neither confirms nor denies existence of investigations
- Appeal filed on November 4, 2025 challenging adequacy of CPIO’s response
- Appellate Authority upheld exemption under Section 8(1)(h) of RTI Act citing need for confidentiality in examinations/investigations
- Maintaining confidentiality prevents market speculation, protects evidence collection, and avoids unnecessary harm to third parties
- Referenced CIC precedent in Manju Devi v CPIO, SEBI (April 29, 2025) supporting denial under Section 8(1)(h)
- Any regulatory actions or penalties imposed by SEBI are publicly available on SEBI’s website
Regulatory Changes
No regulatory changes introduced. This order reaffirms existing policy on confidentiality of SEBI investigations and examinations under RTI framework.
Compliance Requirements
Not applicable. This is an RTI appeal order addressing information disclosure exemptions. No compliance obligations imposed on market participants.
Important Dates
- September 25, 2025: RTI application filed by appellant
- September 27, 2025: Application received by SEBI
- October 23, 2025: CPIO response issued
- November 4, 2025: Appeal filed
- November 10, 2025: Appeal received by Appellate Authority
- December 4, 2025: Appellate Authority order issued
Impact Assessment
Minimal market impact. This administrative order reinforces SEBI’s established practice of maintaining confidentiality during investigations and examinations. The decision protects integrity of investigative processes and prevents premature market speculation. Investors and market participants are reminded that information about ongoing investigations is not disclosed, but final regulatory actions and enforcement orders are published on SEBI’s website for public access.
Impact Justification
Administrative RTI appeal order with no market-wide regulatory impact. Reaffirms SEBI's policy on investigation confidentiality.