Description

RTI appeal seeking information on SEBI's enforcement actions, property attachments, auctions, and investor refund status in the Sai Prasad Group of Companies case.

Summary

This is an order by SEBI’s Appellate Authority on RTI Appeal No. 6771 of 2026 filed by Ramesh Singh. The appellant sought detailed information regarding SEBI’s enforcement actions against Sai Prasad Properties Development Limited and its promoter/director Mr. Balaji Bhapkar, including orders passed, properties attached/auctioned, amounts recovered, and the status of investor refunds. The respondent (CPIO, SEBI) provided partial information and directed the appellant to publicly available resources on SEBI’s website.

Key Points

  • Appellant filed RTI application on December 31, 2025 (received January 20, 2026), seeking details on SEBI’s actions against Sai Prasad Group.
  • SEBI passed orders dated January 14, 2015 and February 01, 2016 against Sai Prasad Foods Limited, Sai Prasad Properties Limited, and Sai Prasad Corporation Limited & its Directors, restraining them from collecting money from investors and directing refunds.
  • Recovery proceedings under Section 28A of the SEBI Act, 1992 have been initiated against Sai Prasad Group for failure to refund investor money.
  • For certified copies of orders, the respondent directed the appellant to SEBI Circular CIR/LAD/1/2019 (April 04, 2019) and SEBI/HO/LAD1/LAD1_DoP3/P/CIR/2023/88 (June 13, 2023).
  • Prohibitory orders and details of properties auctioned/sold are available on SEBI’s website.
  • The Hon’ble Supreme Court of India, vide order dated July 15, 2024, constituted a High Powered Sale Committee (HPSC) for liquidating assets of the Sai Prasad Group.

Regulatory Changes

No new regulatory changes introduced. This order is procedural in nature, addressing an RTI appeal related to an existing enforcement matter.

Compliance Requirements

No new compliance requirements for market participants. The order pertains to information disclosure under the RTI Act, 2005. Entities seeking certified copies of SEBI orders should refer to:

  • SEBI Circular CIR/LAD/1/2019 dated April 04, 2019
  • SEBI Circular SEBI/HO/LAD1/LAD1_DoP3/P/CIR/2023/88 dated June 13, 2023

Important Dates

  • December 31, 2025: RTI application filed by appellant
  • January 20, 2026: RTI application received by SEBI
  • February 11, 2026: CPIO responded to the RTI application
  • February 19, 2026: Appellant filed the appeal
  • February 24, 2026: Appeal received by Office of Appellate Authority
  • January 14, 2015 & February 01, 2016: Original SEBI orders against Sai Prasad Group
  • July 15, 2024: Supreme Court constituted the High Powered Sale Committee (HPSC)

Impact Assessment

This RTI appeal order has no direct market or trading impact. It is part of an ongoing investor protection enforcement matter involving the Sai Prasad Group of Companies, which was found to have run unregistered Collective Investment Schemes. The matter is being overseen by the Supreme Court-constituted HPSC for asset liquidation and investor refunds. Retail investors affected by Sai Prasad Group may find the publicly available information on SEBI’s website relevant to tracking recovery and refund progress.

Impact Justification

Procedural RTI appeal order with no new regulatory changes; concerns an ongoing enforcement matter against Sai Prasad Group with limited market-wide impact.