Description
SEBI Appellate Authority dismisses RTI appeal filed by Kulwant Dogra seeking information about PACL policy holder Roop Chand's investment. SEBI confirms requested information is not available with it.
Summary
The SEBI Appellate Authority under the RTI Act dismissed Appeal No. 6843 of 2026 filed by Kulwant Dogra against the CPIO, SEBI, Mumbai. The appellant had sought information regarding PACL Policy No. U0340xxxx held by the late Shri Roop Chand, requesting release of the investment amount to nominee Hardai Devi. SEBI’s CPIO responded that the requested information is not available with SEBI, and the Appellate Authority found no deficiency in this response.
Key Points
- Appellant Kulwant Dogra (son of late Shri Roop Chand) filed an RTI application on April 13, 2026 seeking PACL policy-related information and nominee release of funds
- CPIO, SEBI responded on April 21, 2026 stating the requested information is not available with SEBI
- Appellant filed appeal on April 21, 2026 (Reg. No. SEBIH/A/E/26/00142) citing refusal of information
- Appellate Authority relied on CIC precedent (Sh. Pattipati Rama Murthy vs. CPIO, SEBI, July 8, 2013) holding that SEBI cannot invent information it does not possess
- Responsibility for PACL property disposal and investor repayment rests with the Justice (Retd.) R. M. Lodha Committee, constituted under Supreme Court order dated February 2, 2016
- SEBI had provided links to Status Reports, FAQs, Press Releases, and Public Notices related to PACL Ltd. available in the public domain
Regulatory Changes
No regulatory changes. This is a routine RTI appellate order with no new directives or amendments.
Compliance Requirements
No new compliance requirements arising from this order. Affected PACL investors seeking redressal are directed to the Justice (Retd.) R. M. Lodha Committee, which handles PACL property disposal and investor repayments pursuant to the Supreme Court order of February 2, 2016.
Important Dates
- April 13, 2026: Original RTI application filed by appellant
- April 21, 2026: CPIO response and appellant’s appeal filed
- May 13, 2026: Appellate Authority order passed dismissing the appeal
Impact Assessment
This order has no market or systemic impact. It is an individual RTI appeal relating to a legacy PACL investor matter. The dismissal reaffirms the established position that SEBI does not hold PACL policyholder-specific data and that investor redressal for PACL matters must be pursued through the Lodha Committee mechanism.
Impact Justification
Routine RTI appeal dismissal in an individual PACL investor matter; no regulatory changes or market-wide implications.