Description

SEBI Appellate Authority dismisses RTI appeal by PACL investor seeking refund information, affirming that refund details are not available with SEBI and are handled by Justice Lodha Committee.

Summary

The SEBI Appellate Authority dismissed Appeal No. 6632 of 2025 filed by Lalmuni Devi, a PACL India Limited investor, under the Right to Information Act, 2005. The appellant sought information regarding her policy refund (Policy No. U096511963, amount Rs. 14,925). The appeal was dismissed as SEBI does not hold the requested information, and refund matters are handled by the Justice (Retd.) R.M. Lodha Committee, which is not a public authority under the RTI Act.

Key Points

  • Appellant Lalmuni Devi filed RTI application on November 21, 2025 seeking refund status for PACL policy U096511963 (Rs. 14,925)
  • CPIO responded on November 25, 2025 stating information not available with SEBI
  • Appeal filed on November 25, 2025 (Reg. No. SEBIH/A/E/25/00306) claiming incomplete/misleading information
  • Appellate Authority upheld CPIO’s response on December 12, 2025
  • Responsibility for PACL property disposal and investor repayment lies with Justice R.M. Lodha Committee
  • Justice Lodha Committee constituted pursuant to Supreme Court order dated February 2, 2016
  • Central Information Commission previously held that Justice Lodha Committee is not a public authority under RTI Act Section 2(h)

Regulatory Changes

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

Compliance Requirements

No new compliance requirements. The order clarifies that:

  • PACL refund-related queries should be directed to Justice Lodha Committee, not SEBI
  • SEBI does not maintain individual investor refund information for PACL matters
  • Details on PACL matters including public notices, press releases, status reports and FAQs are available on SEBI website

Important Dates

  • November 21, 2025: RTI application filed by appellant
  • November 25, 2025: CPIO response provided; appeal filed same day
  • December 12, 2025: Appeal dismissed by Appellate Authority
  • February 2, 2016: Supreme Court order constituting Justice Lodha Committee (reference)

Impact Assessment

Market Impact: None. This is an individual RTI appeal with no broader market implications.

Investor Impact: Minimal. The order provides clarity that PACL investor refund matters are under the jurisdiction of the Justice Lodha Committee, not SEBI. PACL investors seeking refund information should contact the Committee rather than file RTI applications with SEBI.

Operational Impact: Reinforces existing administrative framework where SEBI’s role in PACL matters is limited to providing publicly available information, while the Justice Lodha Committee handles investor refunds and asset disposal as per Supreme Court directions.

Impact Justification

Individual RTI appeal case with no market-wide regulatory implications; specific to PACL refund matter handled by Justice Lodha Committee