ORDER

1. The Appellant filed an RTI application dated 24.11.2022 seeking information regarding Paytm IPO on the following points:

(i) Name and employee code of all those SEBI employees who approved the Paytm IPO.

(ii) Copy of file notings which finally lead to Paytm IPO.

(iii) Copy of green sheet with signature of all those employees who approved Paytm IPO.

(iv) Name and employee code of all those SEBI employees, if any, on which SEBI CVO launched an investigation for corruption by colluding with Paytm management to approve its IPO.

(v) Name and employee code of all those SEBI employees, if any, on which CBI, CVC or any vigilance department of Honourable Finance Ministry launched an investigation for corruption by colluding with Paytm management to approve its IPO.

(vi) Detailed rationale prepared by SEBI to approve Paytm IPO including issue price of 2150.

(vii) Provide the name and employee code of all those SEBI employees, if any, who are found guilty of corruption by SEBI for approving Paytm IPO. …etc.

2. The CPIO replied vide letter dated 07.12.2022 and the same is reproduced as under :-

“Point (i), (ii), (iii) & (vi) - SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") governs the relevant rules and regulations pertaining to Initial Public Offerings ("IPOs"). For ease of reference, link for accessing the said regulations is provided below:

https://www.sebi.gov.in/legal/regulations/jul-2022/securities-and-exchange- board-of-india- issue-of-capital-and-disclosure-requirements-regulations-2018- last-amended-on-july-25- 2022-61425.html”

A Company proposing to list on Indian Stock Exchanges through IPO is required to file a draft red herring prospectus ("DRHP") with SEBI, BSE and NSE. The DRHP and subsequent offer documents contain mandated disclosures as prescribed under SEBI ICDR Regulations and additional disclosures as deemed fit by Merchant Banker. Such disclosures in DRHP and subsequent offer documents are meant to enable investors in making an informed investment decision.

As per the extant regulation, SEBI does not "vet" or "approve" the offer document for an Initial Public Offer (IPO). Thus, the present legal and regulatory framework is primarily based on disclosures. Further, you may see the following disclaimer clause of SEBI available in page 421 of the DRHP and page 464 of RHP (Red Herring prospectus) "It is to be distinctly understood that submission of the draft red herring prospectus to SEBI should not, in any way, be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility either for the financial soundness of any scheme or the project for which the offer is proposed to be made or for the correctness of the statements made or opinions expressed in the draft red herring prospectus…”

In view of the above, the reply to the aforesaid queries is Nil.

Point (iv), & (vii) - Information sought is personal information of employees, the disclosure of which has no relationship to any public activity or interest and may cause unwarranted invasion into their privacy and may also endanger the life or physical safety of the person(s). The same is therefore, exempt in terms of Sections 8(1)(g) and 8(1)(j) of the RTI Act, 2005.

However, it is informed that Vigilance Department of SEBI which is headed by CVO had carried out examination in the matter of IPO of Paytm and pursuant to the said examination, no discernible vigilance angle was seen.

Point (v) – No such information is available with SEBI.” …etc.

3. Dissatisfied with the response received from the CPIO, the Appellant filed a First Appeal dated 12.12.2022 alleging that the information provided was incomplete, false and misleading. The FAA vide order dated 11.01.2023 directed the respondent to provide information on query number 8 to the appellant as provision of RTI Act, 2005.

4. Aggrieved with the FAA’s order, the Appellant approached the Commission with t