Description

RTI appeal by Shamo Devi seeking information about PACL refund calculation and pending amount. SEBI Appellate Authority upholds respondent's response that information is not available with SEBI.

Summary

The SEBI Appellate Authority has disposed of RTI Appeal No. 6828 of 2026 filed by Shamo Devi against CPIO, SEBI, Mumbai. The appellant sought information regarding her PACL refund of Rs. 549 against a total investment of Rs. 34,650. The Appellate Authority upheld SEBI’s response that the requested information is not available with SEBI, and found no deficiency in the respondent’s reply.

Key Points

  • Appellant Shamo Devi filed an RTI application dated March 24, 2026 seeking information about her PACL refund
  • She received only Rs. 549 as refund against a total investment of Rs. 34,650 and sought clarification on the calculation basis
  • SEBI’s CPIO responded on April 7, 2026, stating the requested information is not available with SEBI
  • The appellant filed an appeal on April 7, 2026 (Reg. No. SEBIH/A/E/26/00129) alleging incomplete, misleading, or false information
  • The Appellate Authority upheld SEBI’s response citing the CIC ruling in Sh. Pattipati Rama Murthy vs. CPIO, SEBI (July 8, 2013)
  • The Justice (Retd.) R. M. Lodha Committee, constituted under a Supreme Court order dated February 2, 2016, is responsible for disposal of PACL properties and repayment to investors
  • The Justice Lodha Committee is not a public authority under Section 2(h) of the RTI Act per CIC decision in M Shanmugam v CPIO (March 14, 2024)

Regulatory Changes

No regulatory changes. This is an individual RTI appeal disposal order with no broader regulatory implications.

Compliance Requirements

No new compliance requirements for market participants. The order reaffirms that PACL-related investor refund matters fall under the jurisdiction of the Justice Lodha Committee, not SEBI directly.

Important Dates

  • March 24, 2026: Original RTI application filed by appellant
  • April 7, 2026: CPIO response and appellant’s appeal filing
  • February 2, 2016: Supreme Court order constituting the Justice Lodha Committee

Impact Assessment

This order has no market-wide impact. It is an individual RTI appeal concerning a personal PACL refund grievance. The decision reinforces the established position that SEBI does not hold individual investor-specific PACL refund data, and that the Justice Lodha Committee — which is not subject to RTI — handles PACL investor repayments. Investors with PACL refund queries are directed to SEBI’s website for public notices, press releases, status reports, and FAQs.

Impact Justification

Routine RTI appeal dismissed with no market-wide regulatory changes or compliance requirements for market participants. Limited to individual investor query about PACL refund.