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

Order Date: July 07, 2026

Case Overview

The appellant, Harsh Shah, filed an appeal (No. 6927 of 2026) against the response provided by the CPIO, SEBI, Mumbai to his RTI application dated May 04, 2026. The application sought information concerning three specific individuals: Harsh Rajesh Shah (PAN: BJPPS03xxx, Ref: SEBI/HO/IVD/ID04/2025/648/1), Foram Harsh Shah (PAN: ALMPN18xxx, Ref: SEBI/HO/IVD/ID04/2025/644/1), and Asha Rajesh Shah (PAN: AAQPS26xxxx, Ref: SEBI/HO/IVD/ID04/2025/636/1). The appellant requested confirmation of whether any inquiry or investigation was pending against them and copies of any related reports or orders. He noted that each individual had been issued a Summons for Personal Appearance before the Adjudicating Authority by SEBI on January 26, 2025.

The CPIO's response, dated June 01, 2026, confirmed that the individuals were issued summons in an "Investigation matter of alleged front running of trades of Axis Mutual Fund." It stated that multiple entities were suspected of front-running Axis Mutual Fund's trades, including the three named individuals, and that the investigation was ongoing. The CPIO denied disclosure of further details, invoking exemption under Section 8(1)(h) of the RTI Act, arguing that disclosure could impede the process of investigation or prosecution.

The appellant filed the appeal on June 11, 2026 (Reg. No. SEBIH/A/E/26/00216), on the grounds that he was provided incomplete, misleading, or false information.

The Appellate Authority, after perusing the record, concurred with the CPIO's decision. It cited two orders from the Hon'ble Central Information Commission (CIC) to support its reasoning: Smt. Pushpa Devi Mohta vs. SEBI (order dated February 08, 2022) and Deepti Maheshwari vs. CPIO, SEBI (Order dated February 09, 2023). These orders upheld the denial of information under Section 8(1)(h) of the RTI Act when proceedings were ongoing, as disclosure could impede investigation or prosecution.

Final Outcome

The appeal was dismissed. The Appellate Authority found no need to interfere with the CPIO's decision, upholding the denial of information under Section 8(1)(h) of the RTI Act. The practical consequence is that no information or documents related to the ongoing investigation into the alleged front-running of Axis Mutual Fund trades will be disclosed to the appellant.

Topics: RTI Appeal, Front-running Investigation