Description

RTI appellate order regarding CA Rakesh Kumar Gupta's application seeking information on SEBI's whistleblower identity protection policies, informant reward scheme, and related statistical records for the past 10 years.

Summary

SEBI’s Appellate Authority is adjudicating Appeal No. 6836 of 2026 filed by CA Rakesh Kumar Gupta against the CPIO, SEBI, Mumbai. The appellant had filed an RTI application on March 13, 2026 seeking detailed information about SEBI’s whistleblower identity protection policies, the informant reward scheme, and decade-long statistical records on informant complaints and enforcement actions. The CPIO responded on April 2, 2026, and the appellant filed this appeal on April 14, 2026, also requesting a personal hearing.

Key Points

  • Appeal filed by CA Rakesh Kumar Gupta (Reg. No. SEBIH/A/E/26/00136) against CPIO, SEBI, Mumbai
  • Appellant requested a personal hearing, which the FAA declined citing CIC precedent that hearings are discretionary
  • The FAA relied on CIC rulings (Bombay Stock Exchange vs SEBI, Mr. Milind Hemant Kotak vs Canara Bank, Mr R.K Jain vs UPSC) to decide the matter on record without a personal hearing
  • RTI queries span five broad categories: whistleblower protection policy, informant reward scheme regulations, 10-year statistical records, scheme effectiveness data, and reward payment records
  • Appellant sought certified copies of rules, circulars, SOPs, and administrative orders relating to whistleblower confidentiality
  • Information sought includes data under SEBI (Prohibition of Insider Trading) Regulations, 2015 regarding the informant reward mechanism

Regulatory Changes

No regulatory changes introduced. This is a procedural appellate order under the Right to Information Act, 2005.

Compliance Requirements

No new compliance requirements for market participants. This order concerns SEBI’s internal obligation to respond to RTI queries regarding its whistleblower and informant reward framework.

Important Dates

  • March 13, 2026: Original RTI application filed by appellant
  • April 2, 2026: CPIO responded to the RTI application
  • April 14, 2026: Appellant filed the present appeal (Reg. No. SEBIH/A/E/26/00136)
  • May 2026: Appellate Authority order issued

Impact Assessment

This order has no direct market or operational impact. It is an administrative RTI appeal concerning SEBI’s transparency obligations around its whistleblower protection framework and informant reward scheme. The outcome may indirectly shed light on the extent and effectiveness of SEBI’s informant mechanism under the Insider Trading Regulations, which could be of informational interest to compliance professionals and researchers, but does not impose any obligations on listed entities or market intermediaries.

Impact Justification

This is a procedural RTI appellate order with no direct market or trading impact. It pertains to information access rights regarding SEBI's internal whistleblower and informant reward mechanisms, with no regulatory changes or compliance obligations for market participants.