The First Appellate Authority (FAA) at SEBI dismissed Appeal No. 6857 of 2026 filed by Rajpal Singh Thakur against the CPIO, SEBI, Mumbai. The appellant sought updated information on enforcement and recovery actions taken by SEBI against Highbrow Market Research Private Limited (also known as Ways2Capital). The FAA found the respondent’s reply adequate and upheld the CPIO’s response.

Key Points

• Appellant filed an RTI application received by SEBI on February 05, 2026, seeking updated status on actions against Highbrow Market Research Private Limited
• CPIO responded on February 24, 2026, stating the query was vague but nonetheless informed the appellant about enforcement orders and recovery proceedings initiated against the entity
• Appellant’s first appeal (Reg. No. SEBIH/A/P/26/00025) was received by the FAA on March 25, 2026
• SEBI had previously passed an interim order on May 23, 2019 and a confirmatory order on January 30, 2022 against Highbrow Market Research Private Limited
• A prior RTI application dated December 30, 2022 and subsequent FAA order dated February 24, 2023 had already addressed similar queries
• FAA noted the appeal could not be disposed within the standard 30-day window due to inadvertent oversight but was resolved within the extended 45-day period under Section 19(6) of the RTI Act

Regulatory Changes

No regulatory changes. This order is an administrative disposal of an RTI appeal and does not introduce any new rules or guidelines.

Compliance Requirements

No new compliance requirements for market participants. The order is specific to the RTI appeal process between the individual appellant and SEBI’s CPIO.

Important Dates

• February 05, 2026 – RTI application received by SEBI
• February 24, 2026 – CPIO response to appellant
• March 25, 2026 – First appeal received by FAA
• May 08, 2026 – FAA order passed dismissing the appeal

Impact Assessment

No market or operational impact. This is a routine RTI appellate order concerning an individual’s information request about prior enforcement actions. The underlying enforcement and recovery proceedings against Highbrow Market Research Private Limited (Ways2Capital) were already in the public domain. The dismissal confirms SEBI’s CPIO provided a sufficient response under the RTI Act.