Description

SEBI Appellate Authority dismisses RTI appeal by Rajendra Prasad seeking information on PACL refund timelines and payment status. SEBI confirmed the requested information is not in its possession.

Summary

The SEBI Appellate Authority under the RTI Act dismissed Appeal No. 6791 of 2026 filed by Rajendra Prasad against the CPIO, SEBI, Mumbai. The appellant sought information regarding PACL refund payments, including timelines, land allotment details, and payment status for small depositors. SEBI’s CPIO had responded that the requested information is not available with SEBI, and the Appellate Authority upheld this response.

Key Points

  • Appellant Rajendra Prasad filed an RTI application dated March 05, 2026 seeking PACL refund-related information
  • SEBI CPIO responded on March 09, 2026, stating the information is not available with SEBI
  • Appellant filed appeal (Reg. No. SEBIH/A/E/26/00098) on March 09, 2026 alleging the response was incomplete, misleading, or false
  • Appellate Authority upheld CPIO’s response, citing that SEBI cannot provide information it does not possess
  • Responsibility for PACL property disposal and investor repayment lies with the Justice (Retd.) R.M. Lodha Committee, constituted per Supreme Court order dated February 2, 2016
  • SEBI had provided links to Status Reports, FAQs, Press Releases, and Public Notices on PACL matter available on its website

Regulatory Changes

No regulatory changes introduced by this order.

Compliance Requirements

No new compliance requirements. The order reaffirms that PACL refund matters are handled by the Justice R.M. Lodha Committee, not SEBI directly. Investors seeking PACL refund information are directed to SEBI’s public domain resources including Status Reports, FAQs, Press Releases, and Public Notices.

Important Dates

  • March 05, 2026: Original RTI application filed by appellant
  • March 09, 2026: CPIO response and appeal filing date
  • April 01, 2026: Appeal dismissed by Appellate Authority Ruchi Chojer

Impact Assessment

This order has no broader market or regulatory impact. It is an individual RTI appeal dismissal related to PACL investor refund queries. The ruling reinforces the established position that SEBI does not hold PACL refund operational data, and that the Lodha Committee is the appropriate authority for such matters. PACL investors seeking refund status should refer to publicly available resources on the SEBI website.

Impact Justification

Routine RTI appeal dismissal with no new regulatory changes or market-wide impact. Pertains to individual grievance regarding PACL refund information already in public domain.