The Securities and Exchange Board of India (SEBI) issued orders on 30 July 2026 ruling on two appeals (Nos. 6953 and 6954 of 2026) filed by Advocate Ajay Raghav under the Right to Information Act, 2005. This ruling sits at the intersection of transparency law and securities regulation — matters that affect listed companies, market intermediaries and anyone seeking disclosure from SEBI.
The order clarifies how RTI requests to India's primary markets regulator are handled at the appellate stage and reinforces the boundaries between public information rights and regulatory confidentiality.
What SEBI found
The Chairperson of SEBI exercised appellate authority under the Right to Information Act, 2005, reviewing two separate RTI appeals. This establishes SEBI's internal appeals mechanism and the Chairperson's role as the final appellate authority within the regulator for RTI disputes.
The appeals were filed by a named advocate. The order records the identity of the appellant, indicating that legal professionals and individuals (not only entities) can pursue RTI remedies against SEBI when initial disclosures are denied or inadequate.
Appeal numbers 6953 and 6954 are consecutive, suggesting SEBI processes a significant volume of RTI appeals. These orders are catalogued and numbered within SEBI's enforcement and disclosure framework, forming a public record.
The ruling is formally classified as an order of the Appellate Authority (AA) under the RTI Act, not an enforcement action under securities laws. This distinction matters: RTI orders do not carry penalties but instead direct disclosure, reversal of withholding, or uphold the initial decision.
For listed companies, market intermediaries and securities professionals, this order underscores that RTI rights remain enforceable even against a financial regulator. If SEBI denies an information request, the RTI appeal process — culminating at the Chairperson's level — is a formal recourse. Companies seeking to understand why SEBI has taken or withheld action, or individuals investigating regulatory decisions, now have a recorded precedent for appeal. The Chairperson's direct involvement in RTI appeals also signals that transparency decisions carry weight at the highest level of SEBI. Businesses and intermediaries subject to SEBI's oversight should recognise that information they may assume is confidential — inspection reports, investigation findings, penalty reasoning — can be accessed through RTI if they do not fall within exemptions under Sections 8 and 9 of the RTI Act (personal information, trade secrets, legal advice). Vinayakam Consultants assists listed companies and intermediaries in managing regulatory disclosures, RTI responses and the strategic communication of regulatory compliance to protect commercially sensitive information whilst meeting transparency obligations.
Your action checklist
- Review your company's RTI response procedures: confirm that SEBI information requests are logged, tracked and escalated to the Chairperson level if denied or disputed.
- Audit any regulatory correspondence with SEBI (inspection notices, show-cause letters, penalty orders) for information you may have withheld under confidentiality claims — assess whether those exemptions would survive an RTI appeal.
- For intermediaries and listed companies: document the business rationale and regulatory basis for any information you classify as confidential in submissions to SEBI; prepare position papers on why specific data (e.g., algorithmic trading code, client contact details, audit committee minutes) should remain withheld if requested under RTI.
Frequently asked questions
SEBI Appeals on RTI Orders are appellate rulings issued by SEBI's Chairperson under the Right to Information Act, 2005, determining disclosure obligations and clarifying boundaries between public information rights and regulatory confidentiality in securities regulation.
Legal professionals, advocates, individuals, and entities can file RTI appeals against SEBI when initial disclosure requests are denied or deemed inadequate, with appeals reviewed by the Chairperson as the final appellate authority.
SEBI RTI orders clarify what information listed companies and market intermediaries must disclose upon RTI requests, establishing precedent for transparency obligations without imposing enforcement penalties under securities laws.