SEBI Upholds RTI Denial: Regulator Shields Internal Investigation Details in ICICI Lombard Dispute Case

SEBI Upholds RTI Denial: Regulator Shields Internal Investigation Details in ICICI Lombard Dispute Case​

The Securities and Exchange Board of India (SEBI) has dismissed an appeal filed by Ashwill Serrao regarding the denial of specific internal information related to a regulatory complaint against ICICI Lombard General Insurance Company Limited. The decision reinforces SEBI's stance on maintaining confidentiality surrounding ongoing or completed investigations, even when requested under the Right to Information Act, 2005 (RTI Act).

Overview of the RTI Appeal Process​

The case, documented as Appeal No. 6872 of 2026, concerns an application filed by Ashwill Serrao on April 10, 2026. The appellant sought various internal documents concerning a complaint lodged against ICICI Lombard regarding false regulatory disclosures and violation of LODR Regulations.

The respondent, SEBI, responded to the RTI request with a letter dated May 07, 2026. Following the denial of information access by SEBI, Mr. Serrao filed the appeal on May 07, 2026, seeking disclosure of specific regulatory details and internal assessments.

Key Regulatory Information Sought by Appellant​

The appellant's RTI application requested several critical pieces of information regarding the complaint against ICICI Lombard, which was initially lodged on March 31, 2026. The requests included:

• Copies of all internal notes and processing sheets created by SEBI concerning the alleged non-disclosure of digital fraud and identity theft.
• Certified copies of any response or clarification submitted by ICICI Lombard's Compliance Officer in defense of falsified regulatory filings.
• The specific date and time when the complaint was marked as resolved or closed on the SEBI SCORES portal.
• A copy of the final Investigation Report or Adjudication Order, if one was issued by SEBI regarding the omission of material information by ICICI Lombard.

SEBI’s Defense of Confidentiality in Investigations​

SEBI maintained that confidentiality is paramount when conducting examinations and investigations. The regulator stated that any investigation is sensitive in nature, meaning they cannot confirm or deny the existence of such an examination based on the requested details (queries 1, 2, 4, and 6).

In response to the request for personnel details, SEBI asserted that the complaint handling mechanism is a collective effort involving officers at various levels. Disclosing such information could relate to personal matters and might compromise investigations or endanger the safety of individuals, thus being exempt under Section 8(1)(g) & 8(1)(j) of the RTI Act.

Final Ruling: Appeal on Regulatory Secrecy is Dismissed​

The Appellate Authority concurred with SEBI’s defense regarding the non-disclosure of specific internal workings and investigations. The ruling established that maintaining confidentiality in examinations is crucial to prevent unwarranted speculation in the market or prejudice evidence collection during the investigation.

Citing previous decisions by the Hon'ble Central Information Commission (CIC) in similar matters, the Authority determined that the requested information was exempt under Section 8(1)(h) of the RTI Act. Furthermore, the denial of specific details regarding SEBI officials was found to be exempt under Sections 8(1)(g) and 8(1)(j), referencing precedents set by the CIC in matters such as Prerit Misra vs. CPIO, SEBI.

The Authority concluded that there is no need to interfere with SEBI's decision regarding the denial of information, and the appeal was accordingly dismissed. The regulatory outcome reinforced the principle that specific investigative details are protected from disclosure under certain provisions of the RTI Act.