Description

RTI appeal by Ravi Prakashkumar Shah against CPIO, SEBI regarding queries on SEBI's surveillance and supervisory actions on MCX Gold Futures contracts during January 19-22, 2026. Appeal dismissed as queries deemed vague and generic.

Summary

The Appellate Authority under the Right to Information Act, 2005 has decided Appeal No. 6815 of 2026 filed by Ravi Prakashkumar Shah against the CPIO, SEBI, Mumbai. The appellant sought information about SEBI’s surveillance and supervisory actions related to abnormal price behaviour and domestic premium expansion in MCX Gold Futures contracts during January 19-22, 2026. The appeal was dismissed as the queries were found to be vague, generic, and not specific enough to qualify as ‘information’ under the RTI Act.

Key Points

  • Appellant filed RTI application dated February 26, 2026 seeking details on SEBI’s surveillance of MCX Gold Futures during January 19-22, 2026
  • Appeal was filed against CPIO’s response to query nos. 3, 4, 7, and 10 only
  • Queries sought information on: SEBI reports/clarifications from MCX on abnormal price behaviour, supervisory examinations, FPI trading exposure, and surveillance inputs on global proprietary/HFT/foreign quantitative trading firms
  • CPIO rejected queries as generic, vague, and not specific, stating they constitute requests for clarification rather than ‘information’ under Section 2(f) of the RTI Act
  • Appellate Authority concurred with CPIO, citing CIC precedent in T. V. Sundaresan vs. CPIO, SEBI (November 24, 2021)

Regulatory Changes

No regulatory changes introduced. This is a procedural RTI appellate order.

Compliance Requirements

No new compliance requirements. The order reaffirms the established legal principle that RTI queries must be clear, specific, and seek information believed to exist in documented or material form with the public authority.

Important Dates

  • RTI Application filed: February 26, 2026
  • CPIO Response: March 27, 2026
  • Appeal filed: March 27, 2026 (Reg. No. SEBIH/A/E/26/00120)
  • MCX Gold Futures period in question: January 19-22, 2026

Impact Assessment

This order has no direct market or operational impact. It is a routine disposal of an RTI appeal on procedural grounds. The dismissal does not reveal or confirm whether SEBI conducted any surveillance on MCX Gold Futures during the referenced period. Market participants and researchers should note that broad, presumptive RTI queries about regulatory surveillance activities are unlikely to be entertained under the RTI Act framework.

Impact Justification

Routine RTI appellate order dismissing vague queries about SEBI surveillance on MCX Gold Futures; no regulatory changes or market-wide compliance requirements introduced.