Description
RTI appeal by Amar Kakaria seeking information on stock exchange platforms allowing transfers at approved transaction prices and SEBI directions regarding off-market transfers approved by regulatory authorities.
Summary
This is an RTI (Right to Information) appeal filed by Amar Kakaria under Appeal No. 6675 of 2026 before the Appellate Authority of SEBI. The appellant filed an RTI application on December 01, 2025, which was responded to by the CPIO on December 29, 2025. The appellant subsequently filed an appeal on December 30, 2025 (Reg. No. SEBIH/A/E/25/00343). The appeal seeks information regarding stock exchange platforms and SEBI directions related to off-market share transfers in transactions approved by regulatory authorities.
Key Points
- RTI application filed on December 01, 2025 by Amar Kakaria
- CPIO response provided on December 29, 2025
- Appeal filed on December 30, 2025 with registration number SEBIH/A/E/25/00343
- Appeal relates to CBDT notification S.O. 5054(E) dated October 01, 2018 under Section 112A(4) of Income Tax Act
- The notification covers transactions approved by Supreme Court, High Court, NCLT, SEBI, or RBI
- Issue raised: Acquirers of shares get tax benefits under Section 112A, but transferors do not receive similar benefits
- Stock exchanges do not permit trading at prices different from prevailing market rates
Regulatory Changes
No new regulatory changes are announced in this document. This is an RTI appeal seeking information about existing frameworks and whether SEBI has issued any directions or made representations regarding off-market transfers.
Compliance Requirements
No compliance requirements specified. This document is an RTI appeal seeking information, not a directive or circular imposing obligations.
Important Dates
- December 01, 2025: RTI application filed
- December 29, 2025: CPIO response issued
- December 30, 2025: Appeal filed
- Reference to CBDT notification dated October 01, 2018 (S.O. 5054(E))
Impact Assessment
This RTI appeal has minimal direct market impact as it is a procedural matter seeking transparency regarding:
- Existence of stock exchange platforms allowing transfers at approved transaction prices regardless of prevailing market rates
- SEBI directions to stock exchanges regarding transfers approved by Supreme Court, High Court, NCLT, SEBI, or RBI
- SEBI representations to CBDT regarding extending tax benefits to both acquirers and transferors
The appeal highlights a potential asymmetry in the tax treatment of share transfers where acquirers benefit from Section 112A provisions in approved transactions, but transferors may not receive equivalent benefits when compelled to use off-market mechanisms due to regulatory approval delays and stock exchange trading restrictions.
Impact Justification
This is an RTI appeal seeking procedural information about stock exchange platforms and SEBI directions. It does not contain regulatory changes, compliance requirements, or direct market impact. The appeal relates to transparency regarding existing frameworks rather than announcing new regulations or directives.