Description
RTI appeal dismissed as information regarding SEBI investigation into Tata Capital based on whistleblower complaint is exempt under Section 8(1)(h) of RTI Act due to confidentiality requirements.
Summary
The Appellate Authority dismissed Appeal No. 6668 of 2026 filed by Bhavin Jayant Kenia under the Right to Information Act, 2005. The appellant, a former employee of Tata Capital, had sought information about SEBI’s actions on his market intelligence complaint regarding alleged loan window dressing practices. The Authority upheld that investigation-related information is exempt under Section 8(1)(h) of the RTI Act due to confidentiality requirements.
Key Points
- Appellant filed RTI application on December 06, 2025 seeking status of his complaint against Tata Capital regarding alleged wrong practices in loan window dressing
- Original complaint was filed on SCORES portal (Ref: SEBIE/MH25/PALG/015520/1) and redirected to Market Intelligence portal without reference number
- CPIO responded on December 22, 2025 that SEBI conducts investigations confidentially and neither confirms nor denies existence of investigations
- Appellant cited news reports of Tata Capital settling a different matter with SEBI by paying Rs 14 lakh penalty for unlisted cum preference shares issuance
- Appeal filed on December 23, 2025 (Reg. No. SEBIH/A/E/25/00337) claiming incomplete/misleading information
- Appellate Authority upheld Section 8(1)(h) exemption citing confidentiality needs for evidence collection and preventing market speculation
- Authority relied on Central Information Commission precedent in Manju Devi v CPIO, SEBI (April 29, 2025)
Regulatory Changes
No regulatory changes introduced. This is a procedural order affirming existing RTI Act exemptions for investigation-related information.
Compliance Requirements
No new compliance requirements. The order reinforces that:
- SEBI maintains confidentiality of examinations and investigations
- Enforcement actions resulting from investigations are published as orders on SEBI website when violations are established
- RTI applicants cannot obtain information about ongoing or potential investigations under Section 8(1)(h) exemption
Important Dates
- December 06, 2025: RTI application filed by appellant
- December 22, 2025: CPIO response issued
- December 23, 2025: Appeal filed (Reg. No. SEBIH/A/E/25/00337)
- January 19, 2026: Appellate Authority order issued
Impact Assessment
This order has minimal market impact as it is a procedural RTI matter. It reinforces SEBI’s policy of maintaining investigation confidentiality to:
- Prevent unwarranted market speculation
- Protect evidence collection during examinations
- Avoid unnecessary harm to third parties
- Ensure fair investigative processes
The order confirms that whistleblower complaints are handled through confidential channels and outcomes are only disclosed through formal enforcement orders when violations are established. No direct impact on Tata Capital or broader market operations.
Impact Justification
Procedural RTI appeal order affirming investigation confidentiality with no market-wide impact or regulatory changes