Description
RTI appellate order where SEBI upholds its response that dividend-related information for State Bank of India shares is not maintained by SEBI in normal course of securities market regulation.
Summary
The SEBI Appellate Authority dismissed Appeal No. 6823 of 2026 filed by Nikhil Mishra against CPIO, SEBI, Mumbai. The appellant had sought information about dividends declared on State Bank of India shares under a specific folio, including dividend dispatch records, undelivered postal communications, and address verification attempts. SEBI upheld its original response that such information is not maintained by SEBI in the normal course of securities market regulation.
Key Points
- Appellant Nikhil Mishra filed an RTI application originally with the Department of Financial Services, which was transferred to SEBI on March 23, 2026
- SEBI (respondent) replied on April 02, 2026, stating the requested information is not maintained by SEBI
- Appellant filed appeal (Reg. No. SEBIH/A/E/26/00124) on April 02, 2026, alleging incomplete, misleading, or false information
- SEBI Appellate Authority found no deficiency in SEBI’s response
- Appellant was directed to contact the listed company (SBI) and/or its Registrar and Transfer Agent (RTA) for the requested information
- SEBI provided guidance on lodging grievances via the SCORES portal
Regulatory Changes
No regulatory changes. This is a routine RTI appellate order with no new rules or amendments.
Compliance Requirements
No new compliance requirements for market participants. The order reaffirms the established principle that SEBI is only obligated to disclose information that exists in its own records. Entities seeking dividend or folio-related information should approach the listed company or its RTA directly.
Important Dates
- March 23, 2026: RTI application transferred from Department of Financial Services to SEBI
- April 02, 2026: SEBI responded to the RTI application
- April 02, 2026: Appellant filed appeal (Reg. No. SEBIH/A/E/26/00124)
Impact Assessment
No market or operational impact. This is an individual RTI matter with no broader implications for market participants. The order reinforces the well-established legal position (citing CIC order in Lakshminarayanan R vs. SEBI, February 09, 2023) that SEBI cannot be compelled to provide information it does not maintain. Investors seeking dividend records, unclaimed dividend status, or IEPF transfer details for specific folios should contact the respective listed company or its RTA, and may use the SCORES portal for grievance redressal.
Impact Justification
Routine RTI appellate order with no market-wide regulatory changes; affects only the individual appellant seeking personal dividend records for SBI shares.