Description

RTI appeal by Rajat Galav seeking information about SEBI employee responses to HLC recommendations on asset disclosures and related Board deliberations. Appeal disposed upholding CPIO's exemption under RTI Act sections 8(1)(a) and 8(1)(e).

Summary

This is an order by SEBI’s Appellate Authority under the Right to Information Act, 2005, disposing of Appeal No. 6773 of 2026 filed by Rajat Galav against the CPIO, SEBI, Mumbai. The appellant sought detailed information about SEBI employee and public responses to the High Level Committee (HLC) report on employee asset disclosures (submitted to SEBI Chairman on November 10, 2025), as well as details of Board deliberations at the 212th Board Meeting. The CPIO had denied the information citing exemptions under sections 8(1)(a) and 8(1)(e) of the RTI Act, and the Appellate Authority upheld this decision.

Key Points

  • Appellant filed RTI application on February 03, 2026 seeking seven categories of information relating to the HLC Report on SEBI employee asset disclosures
  • CPIO responded on February 24, 2026, denying information under RTI Act sections 8(1)(a) (national security/public order) and 8(1)(e) (fiduciary/confidential information)
  • Appellant filed appeal (Reg. No. SEBIH/A/E/26/00084) on February 24, 2026 on grounds of wrongful denial of access
  • Appellate Authority upheld the CPIO’s response, noting the matter is still under consideration by SEBI
  • SEBI Board decision, once made, will be available in the public domain

Regulatory Changes

No regulatory changes. This is a procedural RTI appellate order with no amendments to existing regulations.

Compliance Requirements

No compliance requirements for market participants. This order pertains solely to the internal handling of an RTI request regarding SEBI’s own employee asset disclosure policies.

Important Dates

  • November 10, 2025: HLC Report on SEBI employee asset disclosures submitted to SEBI Chairman
  • December 18, 2025: 212th SEBI Board Meeting (referenced in the RTI queries)
  • February 03, 2026: Appellant’s original RTI application filed
  • February 24, 2026: CPIO response and appellant’s appeal filed
  • March 20, 2026: Appellate Authority order issued

Impact Assessment

This order has no direct market or operational impact. It is limited to an internal administrative matter concerning an RTI appeal about the HLC Report on SEBI employee asset disclosures. The Appellate Authority’s decision to uphold the exemption indicates that details of employee objections, Board member dissent notes, and implementation timelines for HLC recommendations remain confidential until the SEBI Board finalises its decision. Market participants and investors are not affected.

Impact Justification

Procedural RTI appeal with no direct market or regulatory impact; concerns internal SEBI deliberations on employee asset disclosures that remain confidential pending Board decision.