Description

RTI appeal dismissed as time-barred; information on NSE Enhanced Surveillance Measures (ESM) deemed exempt under Section 8(1)(a) as it pertains to SEBI's strategic surveillance functions.

Summary

SEBI’s Appellate Authority dismissed Appeal No. 6639 of 2025 filed by Sapan Shrivastava on December 22, 2025. The appeal, filed under the Right to Information Act, 2005, was dismissed as time-barred since it was filed on November 26, 2025, beyond the statutory 30-day period from receipt of the CPIO’s response dated October 7, 2025. On merit, the Authority upheld the respondent’s decision to deny information related to NSE’s Enhanced Surveillance Measures (ESM), citing exemption under Section 8(1)(a) of the RTI Act as the information pertains to SEBI’s strategic surveillance functions.

Key Points

  • Appeal filed on November 26, 2025 was time-barred as it exceeded the 30-day limit from receipt of CPIO’s response dated October 7, 2025
  • Appellant sought information on SEBI-NSE meetings regarding ESM circular issued on June 2, 2023 for companies with market cap below Rs 500 crore (extended to Rs 1,000 crore on August 9, 2024)
  • Specific information requested: minutes of meetings, SEBI approval copies, and names of authorized officers finalizing daily ESM securities from June 2, 2023 to September 8, 2025
  • CPIO denied information citing Section 8(1)(a) exemption as it relates to SEBI’s internal functioning and surveillance procedures
  • Appellate Authority confirmed that disclosure would compromise SEBI’s regulatory functions and decision-making processes
  • Authority cited ICAI v. Shaunak H. Satya [(2011) 8 SCC 781] Supreme Court precedent supporting exemption of strategic regulatory information

Regulatory Changes

No regulatory changes introduced. This order relates to denial of information disclosure under RTI Act and does not modify any existing regulations or surveillance measures.

Compliance Requirements

No compliance requirements for market participants. This is an administrative order on RTI disclosure and does not impose obligations on regulated entities.

Important Dates

  • September 9, 2025: RTI application filed by appellant
  • October 7, 2025: CPIO’s response denying information
  • November 26, 2025: First appeal filed (Reg. No. SEBIH/A/E/25/00311)
  • December 22, 2025: Appeal dismissed by Appellate Authority

Impact Assessment

Market Impact: None. This is a procedural RTI appeal order with no direct market implications.

Operational Impact: No impact on market participants or trading operations. The order affirms SEBI’s position that internal surveillance procedures and strategic regulatory information are exempt from RTI disclosure under Section 8(1)(a), maintaining confidentiality of SEBI’s surveillance mechanisms.

Legal Precedent: Reinforces the principle that information relating to SEBI’s strategic surveillance functions, decision-making processes, and internal coordination with stock exchanges on surveillance matters are protected from disclosure to maintain regulatory effectiveness.

Impact Justification

This is an administrative RTI appeal order with no direct market impact. The appeal was dismissed on procedural grounds (time-barred) and relates to non-disclosure of internal surveillance procedures, which has no operational impact on market participants.