Authority: Appellate Authority under the RTI Act, Securities and Exchange Board of India

Order Date: September 09, 2026

Case Overview

The appeal was filed by Vikrant Tyagi against the Central Public Information Officer (CPIO), SEBI, Mumbai, under the Right to Information Act, 2005. The appellant's original application, dated July 04, 2026, sought certified copies of two specific documents related to SEBI's proceedings against Omaxe Limited: (1) the forensic audit report prepared by Ravi Rajan & Co LLP (appointed on February 17, 2022) referred to in paragraph 29.16 of the SEBI Final Order dated July 30, 2024 (File No. QJA GR CFID CFID 305982024 25), and (2) the Investigation Report referred to in paragraph 2 of the same Final Order, which was prepared pursuant to the forensic audit and examination of documents from Omaxe.

The CPIO, in a response dated July 31, 2026, denied the information. The denial was based on the grounds that the appellant was not among the noticees in the SEBI order and that the information was held by SEBI in a fiduciary capacity. It was also deemed to contain commercial confidential information, the disclosure of which could harm the competitive position of the concerned entities, and it constituted personal information. The CPIO invoked exemptions under Sections 8(1)(e) and 8(1)(j) of the RTI Act. The appellant filed the present appeal on August 13, 2026 (Reg. No. SEBIH/A/E/26/00310) on the ground of being refused access.

The Appellate Authority, in its reasoning, concurred with the CPIO's position. It observed that investigation and forensic audit reports typically contain personal information and details relating to the commercial and business interests of third parties. SEBI receives such information in a fiduciary capacity as the securities market regulator. The authority cited precedent orders from the Hon'ble Central Information Commission (CIC), including Mr. Ashok Kumar Rajak vs. CPIO, SEBI (order dated December 21, 2021), Arun Kumar Agrawal vs. The CPIO, SEBI (order dated August 04, 2020), and Deepti Maheswari vs. CPIO, SEBI (February 09, 2023), which consistently held that such investigative details involving third-party information are exempt from disclosure under Sections 8(1)(e) and 8(1)(j) of the RTI Act.

Final Outcome

The appeal was dismissed. The Appellate Authority found no reason to interfere with the decision of the CPIO, SEBI, and upheld the denial of the requested forensic audit and investigation reports concerning Omaxe Limited.

Topics: RTI Appeal, SEBI Investigation, Information Denial