Case Details

The appeal was filed by Shashi against the CPIO, SEBI, Mumbai under the Right to Information Act, 2005 (Appeal No. 6850 of 2026). The order was issued by Ruchi Chojer, Appellate Authority under the RTI Act at SEBI, on May 25, 2026. The case pertains to an RTI application dated March 26, 2026, seeking information about SEBI's proceedings in the Supreme Court of India in Civil Appeal Nos. 388-392 of 2024 concerning Karvy Stock Broking Ltd (KSBL).

Persons Involved

  • Appellant: Shashi
  • Respondent: CPIO, SEBI, Mumbai
  • Appellate Authority: Ruchi Chojer, Appellate Authority under the RTI Act, Securities and Exchange Board of India

Violations and Allegations

The case does not involve specific violations or allegations against a company, but rather centers on the appellant's claim of being refused access to information requested under the RTI Act. The original RTI application sought extensive internal documentation from SEBI regarding its handling of the Karvy case, including decision-making records, internal communications, investor impact reports, and details of legal representation.

Penalties, Settlement Terms & Rulings

The Appellate Authority dismissed the appeal and upheld SEBI's original response denying the information. The ruling determined that:

  • Information related to sub-judice matters (queries 1a, 2a, 5b, 8) is exempt under Section 8(1)(a) of RTI Act as it contains strategic and confidential information about SEBI's legal stand
  • Query 2b was deemed vague and not specific enough to constitute "information" as defined under Section 2(f) of RTI Act
  • Information about advocate appointments and legal expenses (queries 5a, 6a, 6b, 6c) is exempt under Section 8(1)(e) (fiduciary relationship) and Section 8(1)(j) (personal information)
  • Personal information of SEBI officials (queries 7a, 7b, 7c) is exempt under Sections 8(1)(g) and 8(1)(j) of RTI Act
  • The Authority confirmed that stock exchanges do not currently fall under the purview of RTI Act as the matter is sub-judice in various High Courts

Actions, Compliance, and Future Obligations

The order requires no specific actions from SEBI beyond maintaining its position of non-disclosure for the exempted information. The ruling reinforces SEBI's authority to withhold information that falls under specific exemptions of the RTI Act, particularly concerning sub-judice matters, fiduciary relationships, and personal information.

Final Ruling and Enforcement

The Appellate Authority dismissed the appeal in its entirety, finding no deficiency in SEBI's original response. The order is final and requires no further action from either party. The decision reinforces SEBI's ability to protect internal deliberative processes, legal strategies, and personal information of its officials and third parties under the exemptions provided by the RTI Act.