Description

SEBI Appellate Authority dismisses RTI appeal filed by Ankurbhai Kamleshbhai Shah seeking information on BSE's transfer of IPO bid files to RTA, ruling the query vague and non-specific.

Summary

The SEBI Appellate Authority under the RTI Act dismissed Appeal No. 6731 of 2026 filed by Ankurbhai Kamleshbhai Shah against the CPIO, SEBI, Mumbai. The appellant had sought information on the specific dates and times when BSE transferred or uploaded the five latest IPO bid files to the Registrar and Transfer Agent (RTA) under SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018. The Appellate Authority upheld the respondent’s position that the query was vague and non-specific, and therefore not disclosable under the RTI Act.

Key Points

  • RTI application was filed on December 23, 2025 seeking dates/times of BSE’s upload of IPO bid files to RTA under clauses 2.2.6 and 2.2.7 of Annexure I of SEBI Circular dated November 1, 2018
  • SEBI CPIO responded on January 06, 2026, rejecting the query as vague and not constituting ‘Information’ under Section 2(f) of the RTI Act
  • Appellant filed the appeal (Reg. No. SEBIH/A/E/26/00051) on February 05, 2026 on grounds of denial of access to information
  • Appellate Authority concurred with the CPIO’s response, citing the established legal principle that RTI queries must be clear, specific, and refer to documented information held by the public authority
  • The CIC decision in Mr. T. V. Sundaresan vs. CPIO, SEBI (November 24, 2021) was cited to support the ruling
  • Appeal dismissed by Appellate Authority Ruchi Chojer on March 02, 2026

Regulatory Changes

No regulatory changes. This is a procedural RTI appellate order with no amendments to existing regulations or guidelines.

Compliance Requirements

No new compliance requirements arise from this order. The order reaffirms the existing legal standard that RTI queries must be:

  • Clear and specific in nature
  • Believed to exist in documented or material form with the public authority
  • Not broad, multiple, or general in character
  • Not based on presumptive documents expected by the appellant

Important Dates

  • December 23, 2025: Original RTI application filed by appellant
  • January 06, 2026: CPIO, SEBI responded to the application
  • February 05, 2026: Appellant filed the first appeal (Reg. No. SEBIH/A/E/26/00051)
  • March 02, 2026: Appellate Authority dismissed the appeal

Impact Assessment

This order has no material impact on markets, listed entities, or market participants. It is an individual RTI appellate matter concerning procedural access to information about IPO bid file transfers between BSE and RTAs. The dismissal has no bearing on broader IPO processes, SEBI regulations, or investor obligations. The order serves as a reminder that RTI applicants must frame queries with sufficient specificity to qualify as ‘information’ under Section 2(f) of the RTI Act, 2005.

Impact Justification

Routine RTI appellate order with no regulatory changes, no compliance obligations on market participants, and no broader market impact. Affects only the individual appellant.