Authority: Appellate Authority under the RTI Act, Securities and Exchange Board of India
Order Date: July 08, 2026
Case Overview
The appellant, Doyal Mukergee, filed an RTI application dated May 13, 2026 (received through RTI MIS portal) seeking a certified copy of an inspection report conducted and submitted by the Magadh Stock Exchange (MSE), Patna. The report specifically concerned the physical investment and construction site of M/s Tatanagar Bricks Ltd. The request referenced SEBI's inspection letters (PMD/VC/AG/8207/2000 dated 23.05.2000 and PMD/VC/OT/9403/2000 dated 08.06.2000) and MSE's report reference (Letter No. MSE:SEBI:61:2 dated 02.04.2001).
The CPIO, SEBI, Mumbai, responded on June 11, 2026, denying the information. The CPIO stated that the inspection report was prepared/obtained by SEBI in the course of its regulatory and supervisory functions. The disclosure was refused on the grounds that the information is held by SEBI in a fiduciary capacity and may contain commercial confidential information relating to the concerned entity, making it exempt under Sections 8(1)(d) and 8(1)(e) of the RTI Act, 2005.
The appellant filed a first appeal dated June 12, 2026 (Reg. No. SEBIH/A/E/26/00217) on the ground that she was refused access to the requested information. The Appellate Authority, after perusing the application, the CPIO's response, and the appeal, concluded that the matter could be decided based on the available record.
The Authority reasoned that SEBI, as the securities market regulator, receives various documents from entities, and the information contained therein is received in a 'fiduciary relationship.' It was determined that the requested information pertained to third parties and was received by SEBI in this fiduciary capacity. The order cited the precedent set by the Hon'ble Supreme Court of India in Institute of Chartered Accountants of India Vs. Shaunak H. Satya and Ors. (Civil Appeal No. 7571 of 2011, dated 02/09/2011), which held that "anything given and taken in confidence expecting confidentiality to be maintained will be information available to a person in fiduciary relationship." The Authority also referenced an order from the Hon'ble Central Information Commission (CIC) in the matter of Mr. Ashok Kumar Rajak vs. CPIO, SEBI (dated December 21, 2021), which supported the non-disclosure of such third-party information held in a fiduciary capacity.
Final Outcome
The Appellate Authority found no reason to interfere with the decision of the CPIO. The appeal was dismissed, upholding the denial of the inspection report concerning Magadh Stock Exchange's inspection of Tatanagar Bricks Ltd.
Topics: RTI Act, SEBI Regulation, Information Disclosure