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Application filed under the right to information act, 2005 dismissed for seeking information beyond the definition provided -The Security and Exchange Board of India

Application filed under the right to information act, 2005 dismissed for seeking information beyond the definition provided -The Security and Exchange Board of India

The appellant applied for the right to information act,2005  seeking more information from the respondent and requiring access of information was observed and dismissed by S V MURALI DHAR RAO APPELLATE AUTHORITY in the case of V R Srinivasan versus CPIO, SEBI, Mumbai in appeal no. 4593 of 2022

The queries in the present application were that in online transfer in banks the entries appear in the bank statements are confirmed only by the banks after 6 pm time daily However the limit for doing trading or taking delivery of scrips are allowed to clients or investors or traders by Risk Management Departments of stockbroking concerns by an email from customer care departments of such concerns which generally do copy and paste the bank entries that appear in the bank statement and send the same. but if any unwanted incident occurs i.e. any bank reverse the entry instead of confirming it after 6 pm due to various reasons If it is a large amount then it not only affects the liquidity of the fund position of the concern broken but will also harm the financial position of its clients or investors or traders to the larger extent and put them into greater financial distress The accounts departments of these concerns usually undertake reconciliation task against the ledger entries next day alone and put themselves on a safer side Hence please provide the SEBI regulations or rules to prevent these kinds of practices. The applicant required regulations and rules in this regard.

The respondent in response to the query stated that the nature of seeking clarification/opinion and accordingly, the same cannot be defined as seeking “information”, as defined under Section 2(f) of the RTI Act and the respondent also provided the information regarding lodging of grievance on the SCORES portal of SEBI further the respondent also provided the free helpline numbers launched by SEBI to facilitate replies to various queries of the general public on matters related to the securities market.

The appellate authority in this regard stated that the appellant was not satisfied with the information provided and also alleged the required information was denied by the respondent the authority agrees with the response provided to the appellant and finds that providing an answer to such query is beyond the scope of the definition of ‘information’ under section 2(f) of the RTI Act. The authority relied on the case of Mr. Mahendra Kumar Mehta vs. CPIO, SEBI, and do not find any deficiency in the response. 

From the above observation, the authority decides that there is no need to interfere with the decision of the respondent. The Appeal is accordingly dismissed.

Click here to read the order

Order reviewed by Naveen Sharma

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