Description

SEBI Appellate Authority dismisses RTI appeal seeking information on actions taken against Quasar India Limited, upholding denial under Section 8(1)(h) of the RTI Act citing confidentiality of ongoing examination/investigation.

Summary

The SEBI Appellate Authority under the Right to Information Act, 2005, decided Appeal No. 6723 of 2026 filed by Rajesh Kumar Mittal against the CPIO, SEBI, Mumbai. The appellant had sought information about actions taken by SEBI and BSE against Quasar India Limited, whose shares were suspended on BSE since December 3, 2025, including details on penalties collected and plans to compensate shareholders. SEBI’s CPIO denied the information citing confidentiality of examination/investigation, and the Appellate Authority upheld this denial.

Key Points

  • Appellant Rajesh Kumar Mittal filed an RTI application dated January 06, 2026 seeking information on SEBI and BSE actions against Quasar India Limited (suspended on BSE since 03.12.2025)
  • Information sought included: day-to-day actions taken since suspension, penalties collected, and plans to compensate shareholders/investors
  • CPIO responded on February 04, 2026, neither confirming nor denying the existence of any investigation
  • Appellant filed appeal (Reg. No. SEBIH/A/E/26/00043) dated February 04, 2026, alleging incomplete, misleading or false information
  • Appellate Authority upheld the denial under Section 8(1)(h) of the RTI Act
  • Reliance placed on CIC decision in Manju Devi v CPIO, SEBI (Order dated April 29, 2025) with similar facts

Regulatory Changes

No new regulatory changes introduced. This order reaffirms SEBI’s established position that examination and investigation activities are confidential and exempt from RTI disclosure under Section 8(1)(h) of the RTI Act.

Compliance Requirements

  • No new compliance requirements for market participants
  • SEBI notes that information on regulatory actions/penalties imposed against entities is publicly available on the SEBI website
  • Entities seeking enforcement-related information are directed to SEBI’s public website for orders and actions already concluded

Important Dates

  • 03.12.2025: Quasar India Limited shares suspended on BSE
  • January 06, 2026: Original RTI application filed by appellant
  • February 04, 2026: CPIO response to RTI application; appellant filed appeal on the same date
  • Appeal Reg. No.: SEBIH/A/E/26/00043

Impact Assessment

This order has minimal broader market impact. It is a routine RTI appellate decision affecting only the appellant and other shareholders of Quasar India Limited who sought transparency on regulatory actions post-suspension. The order reinforces SEBI’s consistent policy of maintaining confidentiality around ongoing examinations and investigations to prevent market speculation, protect evidence integrity, and avoid harm to third parties. Shareholders of suspended companies should note that concluded enforcement actions and orders are publicly accessible on the SEBI website.

Impact Justification

Routine RTI appellate order with no new regulatory changes or market-wide compliance requirements; relevant only to shareholders of suspended Quasar India Limited seeking information about SEBI/BSE actions.