Description

RTI appeal by PACL investor Tetari Devi seeking refund dismissed as requested information not available with SEBI; refund matters handled by Justice Lodha Committee.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6631 of 2025 filed by Tetari Devi under the Right to Information Act, 2005. The appellant, a PACL India Limited investor with policy no. U306260872, sought refund of Rs. 18,000 invested. SEBI’s CPIO informed that the requested information is not available with SEBI as the responsibility for disposal of properties and repayment to PACL investors is entrusted with the Justice (Retd.) R.M. Lodha Committee, constituted pursuant to Supreme Court order dated February 2, 2016.

Key Points

  • RTI application filed on November 20, 2025; response provided on November 25, 2025
  • Appellant invested Rs. 18,000 in PACL India Limited (Policy No. U306260872) and sought refund
  • SEBI informed that requested information is not available as PACL matters are handled by Justice Lodha Committee
  • Appeal dismissed on December 12, 2025 by Appellate Authority Ruchi Chojer
  • Justice Lodha Committee (under former CJI R.M. Lodha) constituted by Supreme Court order dated February 2, 2016
  • CIC decision in M Shanmugam v CPIO (March 14, 2024) confirmed Justice Lodha Committee is not a public authority under RTI Act Section 2(h)

Regulatory Changes

No regulatory changes introduced. This is an administrative RTI appeal decision confirming existing jurisdictional boundaries.

Compliance Requirements

No compliance requirements. The order clarifies that PACL investor refund matters are outside SEBI’s jurisdiction and handled by the Justice Lodha Committee appointed by the Supreme Court.

Important Dates

  • November 20, 2025: RTI application filed by appellant
  • November 25, 2025: CPIO response provided; appeal filed (Reg. No. SEBIH/A/E/25/00305)
  • December 12, 2025: Appeal dismissed by Appellate Authority
  • February 2, 2016: Supreme Court order constituting Justice Lodha Committee

Impact Assessment

Market Impact: Nil. This is an individual investor grievance matter with no broader market implications.

Operational Impact: Reaffirms that SEBI does not handle PACL refund matters directly; investors must approach the Justice Lodha Committee for property disposal and repayment issues. PACL-related information (public notices, press releases, status reports, FAQs) remains available on SEBI website for reference.

Impact Justification

Administrative RTI appeal matter with no market-wide impact; individual investor grievance related to PACL refund handled by Justice Lodha Committee outside SEBI's purview