Authority: Appellate Authority under the Right to Information Act, 2005, Securities and Exchange Board of India
Order Date: November 12, 2026
Case Overview
The appellant, Narpat Parmar, filed an appeal (No. 7146 of 2026) against the response of the CPIO, SEBI, Mumbai, to his RTI application dated August 29, 2026 (received by SEBI on September 04, 2026). The appeal specifically challenged the response to query numbers 1 to 7 of the application. These queries sought detailed information about G.C.A. Marketing Private Limited, including: a certified copy of the complete asset inventory/immovable assets inventory submitted by the company to SEBI around April 2015; details of all immovable properties listed in that inventory (including location, survey numbers, area, and registration details in the name of the company, its directors, managers, proprietors, partners, or any person related to the company); all documents/statements available with SEBI that clarify when and through which document the company submitted its asset list; all available documents related to any Power of Attorney (POA) given by the company or its related persons concerning the purchase, sale, transfer, development, or management of the company's immovable properties; documents related to any purchase/sale/transfer of immovable property based on such POA; documents related to any partnership, joint venture, or other arrangement concerning the purchase, sale, or transfer of the company's properties; and certified copies of the Asset Inventory, property details, and related correspondence submitted by the company in compliance with SEBI Order No. WTM/PS/150/CIS-NRO/CHLO/FEB/2016 dated February 4, 2016.
The respondent (CPIO, SEBI) had denied the information for queries 1-7, stating it was available to SEBI in a fiduciary capacity and contained commercially confidential information, the disclosure of which could harm the competitive position of the concerned entities. The exemption was claimed under Sections 8(1)(d) and 8(1)(e) of the RTI Act.
The Appellate Authority, after perusing the application, response, and appeal, concurred with the respondent's decision. The authority reasoned that the requested information pertained to a third party (G.C.A. Marketing Private Limited) and was received by SEBI, as a market regulator, in a fiduciary relationship. Citing the Hon'ble Supreme Court's judgment in Institute of Chartered Accountants of India Vs. Shaunak H. Satya and Ors. (Civil Appeal No. 7571 of 2011) and an order of the Central Information Commission in Mr. Ashok Kumar Rajak vs. CPIO, SEBI (December 21, 2021), it was held that information received in confidence expecting confidentiality is fiduciary information. Furthermore, the information was deemed to contain commercial confidence, and its disclosure could adversely impact the competitive position of the concerned entity. Therefore, the information was exempt from disclosure under Sections 8(1)(d) and 8(1)(e) of the RTI Act.
Final Outcome
The appeal was dismissed. The Appellate Authority found no deficiency in the response of the CPIO, SEBI, and upheld the decision to deny the information sought under queries 1 to 7 of the RTI application.
Topics: RTI Appeal, SEBI Confidentiality, Fiduciary Information