This order addresses Appeal No. 6827 of 2026 filed by Manas Pal before SEBI’s Appellate Authority under the Right to Information Act, 2005. The appellant sought details about property transactions, auction proceedings, and internal records related to the Rasiknagarpur Bankura property of MBK Business Development India Limited, covered under Recovery Certificate No. RC 2594 of 2019. SEBI’s CPIO denied disclosure citing statutory exemptions, and the appeal was decided on the basis of available records.

Key Points

• Appellant filed RTI application on March 02, 2026, seeking six categories of information related to MBK Business Development India Limited’s Rasiknagarpur Bankura property
• Queries covered: private sale deeds post-RC issuance, revenue record mutations, stay orders/injunctions, third-party objections, restrictions on sale certificate issuance, and internal SEBI guidelines on sale certificates
• CPIO responded on March 30, 2026; appellant filed appeal on April 07, 2026 (Reg. No. SEBIH/A/E/26/00128)
• SEBI had published an e-auction advertisement on February 04, 2026 for MBK Business Development properties, but the Rasiknagarpur Bankura property was subsequently withdrawn via corrigendum dated March 5, 2026
• Withdrawn auction advertisement and corrigendum are publicly available on the SEBI website

Regulatory Changes

No regulatory changes introduced. This order is an administrative adjudication of an RTI appeal and does not amend any regulations or circulars.

Compliance Requirements

• No new compliance obligations arise from this order for market participants
• SEBI upheld exemptions under Sections 8(1)(d), 8(1)(e), 8(1)(g), and 8(1)(j) of the RTI Act for query no. 1, citing commercial confidentiality, fiduciary capacity, privacy, and personal safety concerns
• Queries nos. 2, 3, and 4 were treated as requests for clarification/opinion rather than “information” under Section 2(f) of the RTI Act
• Queries nos. 5 and 6 were denied as pertaining to internal functioning and strategic matters whose disclosure could hamper SEBI’s supervisory and regulatory decision-making

Important Dates

• March 02, 2026: Original RTI application filed by Manas Pal
• March 05, 2026: Corrigendum issued withdrawing Rasiknagarpur Bankura property from e-auction
• March 30, 2026: CPIO response to RTI application
• April 07, 2026: First appeal filed by appellant (Reg. No. SEBIH/A/E/26/00128)
• February 04, 2026: SEBI published e-auction advertisement for MBK Business Development properties

Impact Assessment

This order has no direct market or operational impact. It is a case-specific RTI adjudication concerning recovery proceedings against MBK Business Development India Limited. The denial of information under multiple RTI Act exemptions is consistent with SEBI’s standard practice of protecting commercially sensitive, fiduciary, and strategically confidential information during active recovery proceedings. Stakeholders interested in the MBK property auction status may refer to the publicly available SEBI website for the auction advertisement and withdrawal corrigendum.