Description

RTI appeal by B Narayan challenging SEBI's response regarding Larsen & Toubro's practice of classifying contract values in ranges rather than disclosing exact figures. SEBI upheld that the query sought clarification, not 'information' under the RTI Act.

Summary

This is an appellate order under the Right to Information Act, 2005, concerning Appeal No. 6793 of 2026 filed by B Narayan (Narayanan B) against the CPIO, SEBI, Mumbai. The appellant had sought information about whether Larsen & Toubro’s (L&T) practice of disclosing contract awards in value ranges (e.g., ‘Significant’, ‘Large’, ‘Major’) rather than exact figures constitutes a violation of SEBI’s disclosure norms. SEBI’s Appellate Authority upheld the respondent’s position that the query was in the nature of seeking clarification and not ‘information’ as defined under Section 2(f) of the RTI Act.

Key Points

  • Appellant filed an RTI application (received January 21, 2026) questioning L&T’s practice of disclosing contract values in ranges rather than exact amounts
  • L&T’s disclosed classification system: Significant (₹1,000–2,500 Cr), Large (₹2,500–5,000 Cr), Major (₹5,000–10,000 Cr), Mega (₹10,000–15,000 Cr), Ultra-Mega (>₹15,000 Cr)
  • Appellant raised concerns that non-disclosure of exact contract values could facilitate avoidance of scrutiny by Income Tax and GST departments
  • SEBI CPIO responded on February 06, 2026, stating the query seeks clarification, not information under RTI
  • Appellant filed appeal (Reg. No. SEBIH/A/P/26/00017), received by Appellate Authority on March 10, 2026
  • Appellate Authority dismissed the appeal, affirming that seeking an opinion or clarification on compliance does not constitute a request for ‘information’ under Section 2(f) of the RTI Act

Regulatory Changes

No regulatory changes have been introduced by this order. The order is an administrative appellate decision and does not amend or create any new SEBI disclosure norms.

Compliance Requirements

No new compliance requirements arise from this order. The order reaffirms the existing position that RTI requests seeking opinions, clarifications, or interpretations of law or regulation are outside the scope of the RTI Act.

Important Dates

  • January 21, 2026: RTI application received by SEBI from CPC, Manesar (MCA)
  • February 06, 2026: SEBI CPIO responded to the application
  • March 10, 2026: Appeal received by the Office of Appellate Authority
  • April 01, 2026: Appellate order issued

Impact Assessment

This order has no direct market or operational impact. It is a routine RTI appellate disposal. The underlying concern raised by the appellant — whether L&T’s range-based contract disclosures comply with SEBI’s LODR (Listing Obligations and Disclosure Requirements) norms — remains unaddressed by this order, as SEBI declined to opine on the matter through the RTI route. Investors and analysts seeking clarity on L&T’s disclosure practices will need to look to other regulatory channels or enforcement actions, if any.

Impact Justification

Routine RTI appellate order dismissing a clarification-seeking query; no new regulatory changes or compliance obligations introduced. Limited market impact as the order does not alter disclosure norms.