Description

RTI appeal by P. Swaminathan seeking information on SEBI registration status of Herculean Solutions India Private Limited and associated individuals. SEBI upheld its response citing confidentiality of investigations.

Summary

This is an order by the Appellate Authority under the Right to Information Act, 2005 (RTI Act) at SEBI, concerning Appeal No. 6768 of 2026 filed by P. Swaminathan. The appellant sought information about the SEBI registration status of Herculean Solutions India Private Limited and two individuals — Mr. Sadur Vedagirinathan and Ms. K. Bagyalakshmi — who were allegedly involved in collecting money from the public for securities investment without proper authorization.

Key Points

  • Appellant filed an RTI application on January 19, 2026 (received January 21, 2026) seeking SEBI registration details for Herculean Solutions India Pvt. Ltd. and two named individuals.
  • Queries covered whether the company or individuals held any SEBI registration (stock broker, sub-broker, investment advisor, portfolio manager, research analyst, etc.).
  • Appellant also asked whether SEBI had received any complaints or alerts regarding unauthorized collection of money or unregistered securities trading by these entities.
  • SEBI’s CPIO responded on February 10, 2026, stating that queries 1, 2, 3, and 5 sought clarifications/opinions rather than “information” as defined under Section 2(f) of the RTI Act.
  • CPIO directed the appellant to SEBI’s public website for details of all active registered intermediaries.
  • For query 4 (complaints/investigations), SEBI stated investigations are confidential and it could neither confirm nor deny the existence of any examination or investigation.
  • SEBI noted that any regulatory action taken post-investigation would be publicly available on its website.

Regulatory Changes

No regulatory changes introduced. This order pertains solely to an RTI appeal and does not alter any existing SEBI regulations or frameworks.

Compliance Requirements

No new compliance requirements for market participants. The order reaffirms that:

  • Details of active SEBI registered intermediaries are publicly accessible on the SEBI website.
  • Investigation-related information is confidential and exempt from disclosure under the RTI Act.

Important Dates

  • January 19, 2026: RTI application filed by appellant.
  • January 21, 2026: RTI application received by SEBI.
  • February 10, 2026: CPIO response issued.
  • February 18, 2026: First appeal filed by appellant (Reg. No. SEBIH/A/P/26/00010).
  • February 23, 2026: Appeal received by the Office of Appellate Authority.
  • March 20, 2026: Appellate Authority order issued.

Impact Assessment

This order has minimal market impact. It is an administrative RTI matter concerning a request for information about an allegedly unregistered entity and individuals. The ruling reinforces SEBI’s standard position on confidentiality of investigations and the public availability of registered intermediary data. Investors seeking to verify SEBI registration status of any intermediary are directed to SEBI’s official website portal.

Impact Justification

Routine RTI appeal with no market-wide regulatory changes; limited to information disclosure about a specific unregistered entity query.