Description

Appellate Authority order on RTI appeal seeking SEBI's internal review checklists, SOPs, and decision-making processes for DRHP scrutiny. SEBI's denial of information upheld under RTI Act exemptions.

Summary

The Appellate Authority under the Right to Information Act, 2005 has issued an order in Appeal No. 6817 of 2026 filed by Shyam Prakash Sharma against CPIO, SEBI, Mumbai. The appellant sought disclosure of SEBI’s internal review checklists, SOPs for DRHP scrutiny, complaint handling flowcharts, and officer contact details. SEBI denied the information citing RTI Act exemptions, and the appeal reviews whether those denials were justified.

Key Points

  • Appellant filed RTI application on March 04, 2026 seeking five categories of information related to SEBI’s DRHP review and IPO complaint processes
  • SEBI responded on March 18, 2026, denying most information under RTI Act exemptions
  • Appeal was registered as SEBIH/A/E/26/00121 on March 31, 2026
  • Queries 1 & 2 (internal review checklist and SOP for DRHP scrutiny) were denied under Section 8(1)(a) — strategic information whose disclosure could hamper SEBI’s supervisory and regulatory decision-making
  • Query 3 (regulations empowering SEBI to detain/cancel IPOs based on complaints) was rejected as vague and not constituting “information” under the RTI Act
  • Queries 4 & 5 (officer designation and contact details for processing public offering complaints) were denied under Sections 8(1)(j) and 8(1)(g) — personal information and potential safety concern

Regulatory Changes

No regulatory changes. This is an administrative appellate order reviewing SEBI’s denial of RTI disclosures. It does not alter any existing SEBI regulations or compliance requirements.

Compliance Requirements

No new compliance requirements for market participants. The order is confined to the RTI appeal proceedings between the appellant and CPIO, SEBI.

Important Dates

  • March 04, 2026: Original RTI application filed by appellant
  • March 18, 2026: SEBI (respondent) replied to the RTI application
  • March 31, 2026: Appellant filed the first appeal (Reg. No. SEBIH/A/E/26/00121)
  • April 2026: Appellate Authority order issued

Impact Assessment

This order has no direct market or operational impact. It is a routine administrative RTI appeal concerning SEBI’s internal procedural documents. The Appellate Authority is reviewing SEBI’s invocation of exemptions under Sections 8(1)(a), 8(1)(g), and 8(1)(j) of the RTI Act. The outcome affects only the appellant’s access to specific internal SEBI documents and does not affect listed companies, investors, brokers, or market operations.

Impact Justification

Routine RTI appellate order with no market-moving implications; concerns administrative denial of internal SEBI procedural documents and has no direct impact on listed companies, investors, or market operations.