Description

SEBI's Appellate Authority dismissed RTI appeal seeking information on BSE's Enhanced Surveillance Measure (ESM) guidelines, citing time-bar and exemption under Section 8(1)(a) for strategic surveillance information.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6638 of 2025 filed by Sapan Shrivastava under the Right to Information Act, 2005. The appellant sought information regarding BSE’s Enhanced Surveillance Measure (ESM) guidelines, including meeting minutes, SEBI approvals, and authorized officer details. The appeal was dismissed as time-barred (filed on November 26, 2025, beyond the 30-day limit from the October 7, 2025 response) and on merit, as the requested information was exempted under Section 8(1)(a) of the RTI Act for being strategic in nature and related to SEBI’s internal surveillance functions.

Key Points

  • RTI application filed on September 10, 2025, seeking information on BSE’s ESM circular issued June 2, 2023
  • CPIO responded on October 7, 2025, denying information under Section 8(1)(a) exemption
  • First appeal filed on November 26, 2025 (Reg. No. SEBIH/A/E/25/00310) - beyond the 30-day statutory limit
  • Appeal dismissed as time-barred with no request for condonation of delay
  • On merit, Appellate Authority upheld denial citing strategic nature of surveillance information
  • Disclosure would affect and compromise SEBI’s regulatory functions and decision-making
  • Reference made to ICAI v. Shaunak H. Satya [(2011) 8 SCC 781] Supreme Court judgment

Regulatory Changes

No regulatory changes introduced. This is an administrative order related to RTI appeal proceedings.

Compliance Requirements

Not applicable. This order pertains to an individual RTI request and does not impose compliance obligations on market participants.

Important Dates

  • September 10, 2025: RTI application filed by appellant
  • October 7, 2025: CPIO response denying information
  • November 6, 2025 (approx.): Last date for filing first appeal (30 days from CPIO response)
  • November 26, 2025: First appeal filed (time-barred)
  • December 22, 2025: Appeal dismissed by Appellate Authority

Impact Assessment

Market Impact: None. This is an individual RTI appeal order with no implications for market operations, trading, or listed entities.

Regulatory Impact: Reinforces SEBI’s position that information related to surveillance measures, internal decision-making processes, and strategic regulatory functions is exempted from disclosure under Section 8(1)(a) of the RTI Act. The order confirms that disclosure of such surveillance-related information would compromise regulatory effectiveness.

Operational Impact: No operational changes for market participants. The order relates solely to RTI disclosure procedures and maintains confidentiality of surveillance mechanisms to preserve their effectiveness.

Impact Justification

Administrative RTI appeal order with no market impact or regulatory changes; concerns individual information request about surveillance procedures that was denied on procedural and exemption grounds