Description
RTI appeal dismissed regarding information on IPO listing premium/discount determination process, as information is available in public domain regulations.
Summary
The Appellate Authority dismissed Appeal No. 6650 of 2026 filed by Amit Sharma against the CPIO, SEBI, Mumbai. The appellant had sought information under the RTI Act regarding the premium or discount percentage at which shares are listed in mainboard IPOs and the process followed. The respondent directed the appellant to refer to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The Appellate Authority upheld this response, citing that information available in the public domain need not be provided under the RTI Act.
Key Points
- Appeal filed on December 5, 2025 (received December 9, 2025) against RTI response dated November 19, 2025
- Original RTI application dated October 27, 2025 sought information on IPO listing price determination
- CPIO directed appellant to SEBI (ICDR) Regulations, 2018 with access link
- Appellate Authority relied on Delhi High Court and CIC precedents establishing that publicly available information is not held by public authority under RTI Act
- Appeal dismissed with no deficiency found in CPIO’s response
Regulatory Changes
No regulatory changes introduced. This is an administrative order interpreting the scope of RTI Act obligations.
Compliance Requirements
No new compliance requirements. The order reaffirms that public authorities may direct RTI applicants to publicly available regulations rather than reproducing information already in public domain.
Important Dates
- October 27, 2025: RTI application filed
- October 29, 2025: Application received by SEBI
- November 19, 2025: CPIO response issued
- December 5, 2025: Appeal filed
- December 9, 2025: Appeal received by Appellate Authority
- January 7, 2026: Appeal dismissed
Impact Assessment
Market Impact: None. This is a procedural RTI appeal order with no impact on market operations or participants.
Legal Precedent: Reinforces established position that RTI Act does not require public authorities to provide information already available in public domain, citing:
- Delhi High Court decision in Registrar of Companies & ors. Vs. Dharmendra Kumar Garg & anr.
- Central Information Commission decision in Shri K Lall vs. Shri M K Bagri (CIC/AT/A/2007/00112)
Operational Impact: Minimal; provides guidance to SEBI officials on handling RTI requests for information covered by publicly available regulations.
Impact Justification
Administrative RTI appeal order with no regulatory changes or market impact; provides precedent on RTI Act applicability for publicly available information