This is an appellate order under the Right to Information Act, 2005, issued by the Appellate Authority at SEBI. The appellant, Murali Krishna P V, had filed an RTI application on February 14, 2026 seeking information on SEBI committees and BSE F&O inspection reports. The CPIO responded on March 9, 2026, after which the appellant filed this appeal on March 16, 2026 (Reg. No. SEBIH/A/E/26/00105). The Appellate Authority found no deficiency in the CPIO’s response and dismissed the appeal.

Key Points

• Appellant sought three categories of information: list of SEBI committees, list of committee members, and BSE F&O wing inspection reports for the last 5 years
• For queries 1 and 2 (SEBI committees and members), the CPIO directed the appellant to SEBI’s public website where the information is already available
• For query 3 (BSE F&O inspection reports), the CPIO denied access citing Sections 8(1)(a), 8(1)(d), and 8(1)(e) of the RTI Act
• The Appellate Authority concurred that inspection reports contain sensitive confidential information of commercial confidence
• Disclosure of inspection reports could adversely affect competitive positions of exchanges and their brokers

Regulatory Changes

No regulatory changes. This is a procedural RTI appellate order with no amendments to existing rules or regulations.

Compliance Requirements

No new compliance requirements. The order reaffirms existing RTI exemptions:

• Information publicly available on SEBI’s website is not required to be separately furnished under RTI
• Inspection reports of stock exchanges are exempt under Section 8(1)(d) (commercial confidence) of the RTI Act
• Such reports are also exempt under Sections 8(1)(a) (national economic interest) and 8(1)(e) (fiduciary capacity)

Important Dates

• February 14, 2026: Original RTI application filed by appellant
• March 9, 2026: CPIO responded to the RTI application
• March 16, 2026: Appellant filed the first appeal (Reg. No. SEBIH/A/E/26/00105)
• April 2026: Appellate Authority issued this order

Impact Assessment

This order has no broad market or operational impact. It is limited to the individual appellant’s RTI request. The order reinforces SEBI’s consistent position that BSE inspection reports are confidential and exempt from RTI disclosure, as they contain commercially sensitive information held in fiduciary capacity. Market participants should note that inspection-related information of stock exchanges will not be disclosed under RTI.