Description

SEBI Appellate Authority dismisses RTI appeal filed by Satbir Singh Bhardwaj seeking information on refund of investment in PACL matter, upholding CPIO's response that such information is not available with SEBI.

Summary

The SEBI Appellate Authority under the RTI Act dismissed Appeal No. 6837 of 2026 filed by Satbir Singh Bhardwaj against the CPIO, SEBI, Mumbai. The appellant sought information regarding refund of investment in the PACL matter. The respondent (CPIO) had informed that the requested information is not available with SEBI, and the Appellate Authority found no deficiency in that response.

Key Points

  • RTI application was filed on February 18, 2026 (received by SEBI on March 05, 2026) seeking information on PACL investment refunds
  • CPIO responded on March 09, 2026 stating the information is not available with SEBI
  • Appellant filed an appeal on April 03, 2026 (Reg. No. SEBIH/A/P/26/00023), received by the Appellate Authority on April 15, 2026
  • The Appellate Authority cited the Central Information Commission’s precedent (Sh. Pattipati Rama Murthy vs. CPIO, SEBI, July 8, 2013): a CPIO cannot invent information that does not exist
  • Responsibility for PACL property disposal and investor repayment lies with the Justice (Retd.) R.M. Lodha Committee, constituted under Supreme Court order dated February 2, 2016
  • SEBI website contains publicly available Status Reports, FAQs, Press Releases, and Public Notices related to PACL Ltd.

Regulatory Changes

No regulatory changes. This is a routine RTI appellate order with no new rules or directives issued.

Compliance Requirements

No new compliance requirements. The order reaffirms that SEBI’s CPIO is not obligated to provide information it does not possess. Investors seeking PACL refund information are directed to publicly available resources on SEBI’s website and to the Justice R.M. Lodha Committee.

Important Dates

  • February 18, 2026: Original RTI application filed by appellant
  • March 05, 2026: RTI application received by SEBI
  • March 09, 2026: CPIO’s response to the RTI application
  • April 03, 2026: Appeal filed by appellant
  • April 15, 2026: Appeal received by the Office of Appellate Authority
  • May 13, 2026: Order date — appeal dismissed

Impact Assessment

This order has no market or operational impact. It is an individual RTI matter concerning the PACL investor refund case, which has been ongoing since the Supreme Court’s February 2, 2016 order constituting the Lodha Committee. The dismissal is consistent with established precedent and does not alter SEBI’s obligations or procedures. Investors with PACL-related queries are advised to consult SEBI’s public notices, FAQs, and status reports available on its official website.

Impact Justification

Routine RTI appeal dismissal with no regulatory changes or market-wide impact; concerns individual information request about PACL refund status already in public domain.