Description

SEBI Appellate Authority dismisses two RTI appeals filed by Shamshad Kouser seeking information on PACL refund application status and reprocessing, finding no deficiency in CPIO's response that the information is not available with SEBI.

Summary

The SEBI Appellate Authority under the RTI Act, Ruchi Chojer, dismissed two appeals (Nos. 6819 & 6820 of 2026) filed by Shamshad Kouser against the CPIO, SEBI, Mumbai. The appellant sought information regarding PACL refund applications — including the ability to reopen/edit submissions, status of 39 investor refund claims, reasons for partial payments, and pending balance timelines. SEBI’s CPIO responded that the requested information is not available with SEBI. The Appellate Authority found no deficiency in the CPIO’s response and dismissed both appeals.

Key Points

  • Two RTI applications filed by Shamshad Kouser (dated March 18 and March 19, 2026) seeking PACL refund-related information
  • CPIO responded on March 24, 2026 and April 08, 2026, stating the requested information is not available with SEBI
  • Appellant filed appeals on March 27, 2026 and April 17, 2026, registered as SEBIH/A/P/26/00021 and SEBIH/A/P/26/00024
  • Appellate Authority upheld CPIO’s position citing CIC precedent: SEBI cannot invent information it does not possess
  • Responsibility for PACL property disposal and investor repayment lies with the Justice (Retd.) R.M. Lodha Committee, constituted under the Hon’ble Supreme Court order dated February 02, 2016
  • SEBI’s website contains public notices, press releases, status reports, and FAQs on PACL matters

Regulatory Changes

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

Compliance Requirements

No new compliance requirements for market participants. Investors seeking PACL refund-related information are directed to:

  • SEBI website for public notices, press releases, status reports, and FAQs
  • The Justice (Retd.) R.M. Lodha Committee for matters related to property disposal and repayments

Important Dates

  • March 18–19, 2026: RTI applications filed by appellant
  • March 24, 2026 and April 08, 2026: CPIO responses issued
  • March 27, 2026 and April 17, 2026: Appeals filed by appellant
  • April 02, 2026 and April 22, 2026: Appeals received by Office of Appellate Authority
  • April 28, 2026: Appellate Authority order issued dismissing both appeals

Impact Assessment

No market or operational impact. This order solely concerns the administrative handling of RTI requests related to PACL investor refunds. The dismissal reaffirms that SEBI does not hold operational data on PACL refund processing, which remains under the purview of the Supreme Court-appointed Lodha Committee. Affected PACL investors should continue to refer to SEBI’s website and the Lodha Committee for updates.

Impact Justification

Routine RTI appellate order with no market, trading, or regulatory policy implications. Dismissal pertains to administrative information availability regarding PACL refunds, which are managed by the Lodha Committee, not SEBI directly.