Description

Appellate Authority order on RTI appeal by Mo Nafees Ansari seeking information on SEBI's investigation, Lodha Committee proceedings, and refunds related to PACL's illegal Collective Investment Scheme.

Summary

The Appellate Authority under the Right to Information Act, 2005 has taken up Appeal No. 6839 of 2026 filed by Mo Nafees Ansari against the CPIO, SEBI, Mumbai. The appeal relates to an RTI application dated March 24, 2026, in which the appellant sought detailed information about SEBI’s investigation into PACL, the Lodha Committee’s proceedings, investor refunds, and related matters. The respondent was found to have inadequately addressed the query regarding investigation/inspection reports.

Key Points

  • Appellant Mo Nafees Ansari filed an RTI application on March 24, 2026 seeking information on PACL-related matters.
  • SEBI’s CPIO responded on April 16, 2026, providing links to orders but stating that most other information was not available with SEBI.
  • Appellant appealed on April 17, 2026 (Reg. No. SEBIH/A/E/26/00138), alleging incomplete, misleading, or false information was provided.
  • The Appellate Authority found that the respondent did not adequately address query A1 (investigation/inspection reports in the PACL matter).
  • The authority remitted query A1 for reconsideration, requiring the respondent to ascertain availability and disclosability of the requested information under the RTI Act.

Regulatory Changes

No regulatory changes are introduced by this order. It is an administrative appellate decision directing the CPIO to reconsider one specific query related to PACL investigation records.

Compliance Requirements

  • SEBI’s CPIO (respondent) is directed to reconsider and adequately address query A1 regarding certified copies of PACL investigation/inspection reports and findings.
  • The respondent must determine whether the requested information is available with SEBI and whether it can be disclosed under the provisions of the RTI Act.

Important Dates

  • March 24, 2026: RTI application filed by appellant.
  • April 16, 2026: CPIO responded to the RTI application.
  • April 17, 2026: Appellant filed the appeal (Reg. No. SEBIH/A/E/26/00138).
  • May 2026: Appellate Authority issued this order.

Impact Assessment

This order has no direct market or operational impact. It is an administrative RTI appellate decision concerning information access related to the PACL collective investment scheme enforcement matter. The PACL case is a historical regulatory action; this order only affects the information-disclosure process for one individual appellant. No listed entities, market participants, or trading operations are affected.

Impact Justification

Administrative RTI appeal order with no direct market or regulatory impact; relates to information disclosure on the historical PACL matter.