Description

SEBI Appellate Authority dismisses RTI appeal by Kashinath seeking information on relief arrangements for PACL Ltd. investors who faced issues with the online portal during the Lodha Committee refund process.

Summary

The SEBI Appellate Authority (under the Right to Information Act, 2005) has disposed of Appeal No. 6721 of 2026 filed by Kashinath against the CPIO, SEBI, Mumbai. The appellant had sought information regarding relief arrangements made by the Lodha Committee/SEBI for PACL Ltd. investors who faced difficulties with the online portal established in 2019, including those who uploaded incomplete documents, lost original policy bonds, or whose bank account/personal details subsequently changed. SEBI’s CPIO responded that the requested information is not available with SEBI. The Appellate Authority upheld this response and found no deficiency.

Key Points

  • Appellant filed RTI application on December 26, 2025 (received December 29, 2025) seeking details on PACL investor relief arrangements
  • Three categories of investors covered in the queries: (1) those who uploaded only policy bond and last receipt instead of full documents, (2) those whose original policy bond was submitted to the company or is lost, (3) those with changed bank accounts, deceased policyholders, or deregistered mobile numbers
  • CPIO responded on January 09, 2026 stating the information is not available with SEBI
  • Appellant filed appeal on January 29, 2026 (received February 03, 2026) expressing dissatisfaction
  • Appellate Authority cited CIC precedent (Sh. Pattipati Rama Murthy vs. CPIO, SEBI, July 8, 2013) to confirm SEBI cannot provide information it does not possess
  • Appellant also requested transfer of application to the concerned public authority (Lodha Committee)
  • Appellate Authority noted that the Justice (Retd.) R.M. Lodha Committee, constituted per Supreme Court order dated February 2, 2016, handles PACL investor repayment
  • CIC decision in M Shanmugam v CPIO (March 14, 2024) held that the Lodha Committee is not a public authority under the RTI Act

Regulatory Changes

No regulatory changes. This is a disposal order in an individual RTI appeal with no broader policy implications.

Compliance Requirements

No new compliance requirements. SEBI’s position reaffirmed: information relating to PACL investor refund operations is managed by the Justice Lodha Committee and is not held by SEBI.

Important Dates

  • December 26, 2025: Original RTI application filed by appellant
  • December 29, 2025: Application received by SEBI
  • January 09, 2026: CPIO response issued
  • January 29, 2026: First appeal filed
  • February 03, 2026: Appeal received by Appellate Authority
  • February 2, 2016: Supreme Court order constituting the Justice Lodha Committee (referenced)

Impact Assessment

This order has no market or operational impact. It is a routine administrative disposal of an RTI appeal concerning PACL Ltd. investor grievances. PACL investors seeking relief should refer to SEBI’s website for public notices, press releases, status reports, and FAQs related to PACL matters. The Lodha Committee, not SEBI, is the designated authority for PACL investor repayment and asset disposal.

Impact Justification

Routine RTI appellate order with no market-wide regulatory changes; concerns only individual PACL investor grievances and availability of information with SEBI.