Description
SEBI Appellate Authority order regarding RTI appeal concerning disclosure of inspection reports and Public Interest Directors appointment information for BSE, NSE, MCX exchanges.
Summary
This is an appellate order under the Right to Information Act, 2005 concerning Appeal No. 6692 of 2026 filed by Subhash Chandra Agarwal against SEBI’s CPIO. The appeal relates to RTI applications dated 18.06.2021 and 27.02.2022 seeking information about appointment of Public Interest Directors (PIDs) on boards of exchanges (BSE, NSE, MCX) and inspection reports of these exchanges. The matter was remanded by Bombay High Court on 10.07.2025 for fresh consideration under Section 11 of RTI Act. The appeal was filed on 11.01.2026 against SEBI’s revised reply dated 18.11.2025, but appears to be beyond the statutory 30-day period.
Key Points
- Original RTI applications filed on 18.06.2021 and 27.02.2022 seeking information on PID appointments and exchange inspection reports
- Central Information Commission (CIC) orders dated 26.12.2022 directed disclosure of inspection committee findings and PID candidate lists
- Bombay High Court order dated 10.07.2025 set aside CIC orders and remanded matter to CPIO for fresh consideration under Section 11 RTI Act
- Notices issued to third parties (BSE, NSE, MCX, MCX Clearing Corporation) on 10.10.2025 under Section 11 for their submissions
- Third party exchanges submitted responses on 20.10.2025
- SEBI CPIO provided revised reply on 18.11.2025
- Current appeal filed on 11.01.2026 appears to be beyond the 30-day statutory period from receipt of response
Regulatory Changes
No regulatory changes introduced. This is an administrative appellate matter under RTI Act concerning information disclosure procedures.
Compliance Requirements
No compliance requirements for market participants. This matter pertains to SEBI’s internal RTI compliance procedures.
Important Dates
- 18.06.2021: First RTI application filed
- 27.02.2022: Second RTI application filed
- 26.12.2022: CIC orders directing disclosure
- 10.07.2025: Bombay High Court remand order
- 10.10.2025: Section 11 notices issued to exchanges
- 20.10.2025: Third party submissions received
- 18.11.2025: SEBI CPIO revised reply issued
- 24.11.2025: Response delivered to appellant via speed post
- 11.01.2026: Current appeal filed (potentially beyond 30-day statutory period)
Impact Assessment
This is an administrative matter related to RTI disclosure procedures with no direct impact on market operations, trading activities, or regulatory framework. The appeal concerns procedural aspects of information disclosure under RTI Act regarding historical appointment processes and inspection reports. No market participants are directly affected by this appellate proceeding.
Impact Justification
Administrative RTI appeal matter with no direct market impact or regulatory changes affecting market participants or trading operations