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

Order Date: October 09, 2026

Case Overview

The appeal was filed by Sunil Kumar against the CPIO, SEBI, Mumbai regarding an RTI application dated August 29, 2026. The appellant specifically challenged the response to queries 4-9 of his application, which sought internal SEBI records related to the disposal of CPGRAMS Appeal No. SEBII/E/A/26/0000245. The original grievance concerned the National Stock Exchange (NSE) and alleged failures in the SMART ODR process to provide effective remedy.

The queries specifically requested: copies of records regarding submissions about SMART ODR process failure (Query 4); internal file notings, processing records, examinations, recommendations or analysis generated by SEBI in connection with the appeal (Query 5); records showing examination of issues relating to prolonged incorrect dissemination of Face Value data, inconsistencies across NSE interfaces, adequacy of dissemination controls and investor protection implications (Query 6); records showing consideration of the discrepancy between the original CPGRAMS grievance disposal reason and the appeal's claim about SMART ODR ineffectiveness (Query 7); and copies of records showing material relied upon while considering NSE's response reproduced in the Action Taken Report (Query 8).

The respondent CPIO had informed that the CPGRAMS appeal (SEBII/E/A/26/0000245) filed on July 01, 2026, was disposed of on August 03, 2026 with necessary remarks. The CPIO also provided a copy of the Action Taken Report (ATR) sent by NSE pertaining to the complaint and informed that ATR/Remarks for complaints lodged on CPGRAMS are available on the CPGRAMS website.

The Appellate Authority perused the application, response, and appeal, and found that the respondent had adequately addressed the queries by providing the information available with them. The authority concluded that there was no need to interfere with the decision of the respondent CPIO.

Final Outcome

The appeal was dismissed. The Appellate Authority upheld the response provided by the CPIO, SEBI, finding that the available information had been properly disclosed and that no further action was warranted.

Topics: RTI Process, SEBI Transparency, NSE Grievance