Description

SEBI Appellate Authority dismisses RTI appeal No. 6772 of 2026 filed by Akhilesh Dubey, finding that queries seeking confirmation/clarification about insurance proceeds and bank records do not constitute 'information' under Section 2(f) of the RTI Act.

Summary

The SEBI Appellate Authority dismissed Appeal No. 6772 of 2026 filed by Akhilesh Dubey against the CPIO, SEBI, Mumbai. The appellant had sought information regarding insurance maturity proceeds, investment credits, and bank transaction records linked to a specific PAN and ICICI Bank account. The respondent (CPIO) had declined to respond, stating the queries were not clear and specific and amounted to seeking clarification rather than ‘information’ under the RTI Act. The Appellate Authority upheld this position.

Key Points

  • Appellant filed an RTI application dated February 04, 2026 seeking confirmation/information about insurance proceeds and financial records linked to PAN AJxxxxxxx for the period 2007–2015.
  • Queries included confirmation of SEBI records related to ICICI Bank Savings Account No. 048801xxxxxx and routing of insurance/investment proceeds through ICICI Bank.
  • CPIO responded on February 24, 2026, stating the queries were not specific and amounted to seeking clarification, not ‘information’ as defined under Section 2(f) of the RTI Act.
  • Appellant filed first appeal (Reg. No. SEBIH/A/E/26/00083) on February 24, 2026, alleging incomplete, misleading, or false information was provided.
  • Appellate Authority found that the queries sought confirmation, clarification, or opinion rather than factual information held by SEBI.
  • Appeal dismissed; CPIO’s response upheld with reference to precedent: Azad Singh vs. CPIO, Oriental Insurance Company Limited (March 23, 2021).

Regulatory Changes

No regulatory changes. This is a routine RTI appellate order.

Compliance Requirements

No compliance requirements for market participants. This order pertains solely to the RTI appeal process and reaffirms that queries seeking confirmation, opinion, or clarification do not qualify as requests for ‘information’ under Section 2(f) of the RTI Act.

Important Dates

  • February 04, 2026: Original RTI application filed by appellant.
  • February 24, 2026: CPIO response issued; appellant filed first appeal on same date.
  • March 20, 2026: Appellate Authority order issued dismissing the appeal.

Impact Assessment

No market or operational impact. This is an individual RTI appeal with no implications for listed companies, intermediaries, or investors at large. The order reinforces the established legal position that RTI requests must seek specific recorded information rather than confirmation or clarification of facts.

Impact Justification

Routine RTI appellate order with no market-wide regulatory changes or compliance requirements; pertains to a single individual's RTI queries about insurance proceeds and bank records unrelated to securities markets.