Description
SEBI Appellate Authority dismisses RTI appeal filed by Badri Prasad Singh regarding investment fraud complaint against Naka Solutions, ruling the request is a grievance and not information under RTI Act.
Summary
The Appellate Authority under the RTI Act at SEBI dismissed Appeal No. 6749 of 2026 filed by Badri Prasad Singh. The appellant had sought action against Naka Solutions for alleged investment fraud involving ₹21,000 invested after being misled by a fraudulent mobile advertisement. SEBI’s CPIO determined the request was a grievance, not information under Section 2(f) of the RTI Act, and the Appellate Authority concurred.
Key Points
- Appellant invested ₹21,000 in Naka Solutions after seeing a fraudulent mobile advertisement falsely featuring Union Finance Minister Smt. Nirmala Sitharaman
- A financial adviser from the company subsequently demanded an additional ₹1,20,000 as a prerequisite for processing a refund
- When appellant requested the fee be deducted from his funds, the adviser ceased all communication
- SEBI CPIO responded that the request is in the nature of a grievance and does not qualify as information under Section 2(f) of the RTI Act
- CPIO directed appellant to use the SCORES portal for grievance redressal
- Appellate Authority upheld the CPIO’s response, citing the Central Information Commission ruling in Mr. Surendra Vishwakarma vs. President Secretariat (April 29, 2016)
Regulatory Changes
No regulatory changes. This is an individual RTI appeal disposal order with no broader rule or policy amendments.
Compliance Requirements
No new compliance requirements for market participants. The order reaffirms the established principle that the RTI Act cannot be used as a substitute for grievance redressal mechanisms.
Important Dates
- RTI application transferred from Department of Economic Affairs: December 12, 2025
- CPIO response: January 09, 2026
- Appellant’s appeal filed: February 02, 2026
- Appeal received by Appellate Authority: February 10, 2026
- Order date: March 05, 2026
Impact Assessment
No market or operational impact. This order affects only the individual appellant. Investors with similar grievances regarding investment fraud are directed to use SEBI’s SCORES portal or toll-free helpline numbers for appropriate redressal.
Impact Justification
Individual RTI appeal dismissal with no market-wide regulatory changes or compliance requirements; pertains solely to a personal grievance regarding alleged investment fraud.