Description

SEBI Appellate Authority dismisses RTI appeal filed by Mahesh Kumar Nama seeking information on refund of money to investors in the PACL matter, finding no deficiency in CPIO's response.

Summary

The SEBI Appellate Authority under the RTI Act, 2005 dismissed Appeal No. 6816 of 2026 filed by Mahesh Kumar Nama against the CPIO, SEBI, Mumbai. The appellant sought information regarding refund of money to investors in the PACL matter. The CPIO responded that the requested information is not available with SEBI, and the Appellate Authority found no deficiency in that response.

Key Points

  • Appellant Mahesh Kumar Nama filed an RTI application dated March 09, 2026 (received by SEBI on March 12, 2026) seeking information on PACL investor refunds.
  • CPIO responded on March 18, 2026, stating the requested information is not available with SEBI.
  • Appellant filed the first appeal dated March 14, 2026 (Reg. No. SEBIH/A/P/26/00019), received by the Appellate Authority on March 30, 2026.
  • The Appellate Authority upheld the CPIO’s response, citing the Central Information Commission precedent (Pattipati Rama Murthy vs. CPIO, SEBI, July 8, 2013): a CPIO cannot invent information it does not possess.
  • Responsibility for disposal of PACL properties and repayment to investors rests with the Justice (Retd.) R. M. Lodha Committee, constituted under the Supreme Court order dated February 2, 2016.
  • SEBI’s website hosts public information on PACL matters including Status Reports, FAQs, Press Releases, and Public Notices.

Regulatory Changes

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

Compliance Requirements

No new compliance requirements for market participants. The order is specific to the RTI appeal filed by the individual appellant and has no broader compliance implications.

Important Dates

  • March 09, 2026: RTI application filed by appellant.
  • March 12, 2026: RTI application received by SEBI.
  • March 14, 2026: First appeal filed by appellant.
  • March 18, 2026: CPIO response provided.
  • March 30, 2026: Appeal received by Office of Appellate Authority.
  • April 27, 2026: Appeal dismissed by Appellate Authority (Ruchi Chojer), Mumbai.

Impact Assessment

No market or operational impact. This is an administrative RTI order affecting only the individual appellant. Investors seeking information on PACL refunds are directed to the Justice R. M. Lodha Committee and publicly available resources on the SEBI website. The order reaffirms the established principle that SEBI cannot be compelled to provide information it does not hold.

Impact Justification

Routine RTI appellate order dismissing an individual's appeal for information on PACL investor refunds; no regulatory changes, no market impact, and no compliance obligations imposed on market participants.