Authority: Appellate Authority under the RTI Act, Securities and Exchange Board of India
Order Date: October 12, 2026
Case Overview
The appellant, Santosh, filed an application under the Right to Information Act, 2005, on September 06, 2026, seeking detailed information and records pertaining to the refund calculation for her specific PACL investment, Certificate No. U130007xxx. The application contained 10 specific queries requesting: the eligible refund amount recorded against her certificate; records showing total installments considered (she cited 55 installments of Rs 2,200 each, totaling Rs 121,000); the calculation sheet or statement determining the eligible refund; records explaining the treatment of the claimed amount of Rs 114,400 versus the receipts; the calculation for the refunded amount of Rs 92,399; treatment records for the amounts Rs 121,000, Rs 114,400, and Rs 92,399; records on any excluded installments and reasons; copies of all verification, scrutiny, and assessment records for her certificate; confirmation on whether Rs 92,399 was the final amount; and copies of records specifying the basis, formula, or methodology used for the refund calculation.
The CPIO, SEBI, Mumbai, responded on September 23, 2026, stating that the information sought was not available with SEBI and directed the appellant to information already in the public domain on the SEBI website, such as Public Notices, Press Releases, Status Reports, and FAQs related to PACL matters. The appellant filed a first appeal (Reg. No. SEBIH/A/E/26/00357) on the same date, September 23, 2026, on the ground that she was refused access to the requested information.
The Appellate Authority perused the application, the CPIO's response, and the appeal. It concurred with the CPIO's stance, noting that if the information is not in SEBI's possession, the CPIO cannot invent it. It referenced a precedent from the Hon'ble Central Information Commission (CIC) in the matter of Sh. Pattipati Rama Murthy vs. CPIO, SEBI (Decision dated July 8, 2013) to support this position. The Authority further clarified that the responsibility for the disposal of PACL's properties and repayment to investors lies with the Justice (Retd.) R. M. Lodha Committee, constituted pursuant to the order dated February 2, 2016, of the Hon'ble Supreme Court of India. It noted that the respondent had already provided links to publicly available information on the matter.
Final Outcome
The Appellate Authority found no deficiency in the response of the CPIO, SEBI. The appeal was dismissed, and there was no interference with the decision of the respondent. The appellant was guided to refer to the Justice Lodha Committee and the public domain information on SEBI's website for matters pertaining to PACL refunds.
Topics: PACL Refund, RTI Act, SEBI Compliance