Description

RTI appeal by Nitesh Kumar Gupta seeking information about SEBI's examination of Star Agriwarehousing and Collateral Management Limited's DRHP, including warehouse safety, WDRA compliance, governance risks, and regulatory scrutiny during IPO review.

Summary

This is an appellate order under the Right to Information Act, 2005, before SEBI’s Appellate Authority. Appellant Nitesh Kumar Gupta had filed an RTI application dated January 19, 2026 seeking detailed information about SEBI’s examination of the Draft Red Herring Prospectus (DRHP) of Star Agriwarehousing and Collateral Management Limited. The respondent (CPIO, SEBI, Mumbai) replied on February 16, 2026, following which the appellant filed this appeal (Reg. No. SEBIH/A/E/26/00077) on February 18, 2026.

Key Points

  • Appellant sought 13 categories of information relating to SEBI’s IPO scrutiny of Star Agriwarehousing and Collateral Management Limited
  • Queries covered DRHP filing status, warehouse safety/compliance, WDRA registration, internal audit findings, fraud/complaint records, and governance risks
  • Appellant asked whether SEBI examined risks related to third-party commodity stock custody, bank collateral, insurance exposure, and operational control
  • Queries included whether non-WDRA registered warehouses were flagged as material regulatory or investor risk in the DRHP
  • Appellant sought information on any CBI, EOW, or ED investigations against the company or its promoters
  • Queries raised concerns about ex-employee/ex-stock auditor complaints regarding stock shortages and audit suppression
  • CPIO responded on February 16, 2026; the appeal challenges the adequacy of that response

Regulatory Changes

No regulatory changes introduced. This is a procedural RTI appellate order.

Compliance Requirements

No new compliance requirements. The order concerns SEBI’s obligation to provide information under the RTI Act, 2005 in response to queries about its IPO scrutiny process.

Important Dates

  • January 19, 2026: Original RTI application filed by appellant
  • February 16, 2026: CPIO, SEBI responded to the RTI application
  • February 18, 2026: Appellant filed this appeal (Reg. No. SEBIH/A/E/26/00077)
  • March 16, 2026: Date of appellate order

Impact Assessment

Limited market impact. This order is specific to an RTI appeal and does not create any regulatory obligations for market participants. However, the underlying queries highlight investor and public interest concerns around warehouse-based IPOs, WDRA compliance, and governance disclosures in DRHPs. The outcome may influence the extent of information disclosed by SEBI regarding its IPO scrutiny process for Star Agriwarehousing’s pending listing.

Impact Justification

Routine RTI appellate order concerning information requests about an IPO applicant's DRHP status and SEBI's scrutiny process. No regulatory changes, no market-wide impact; relevant only to the specific appellant and the IPO of Star Agriwarehousing.