Is it mandatory to have SEBI registered license for teaching about stock market?

The Appellant filed an application seeking information whether it is mandatory to have SEBI Registered License with person or company who teaching about stock market and whether SEBI takes Complaint against stock market educator person or company who is Non Registered with SEBI. The PIO replied that it cannot be construed as "information", as defined u/s 2(f) of the RTI Act as it is in the nature of seeking clarification. The CIC observed that outstretching the interpretation of Section 2(f) of the RTI Act to include deductions and inferences to be drawn by the CPIO is unwarranted and upheld that reply provided by the PIO.

Comments

Under Section 6 of the RTI Act, an applicant is entitled to get only such information which can be accessed by the public authority under any other law for the time being in force. A public authority is not required to furnish information which require drawing of inferences and/or making of assumptions. It is also not required to provide `advice' or `opinion' to an applicant, nor required to obtain and furnish any `opinion' or `advice' to an applicant. The reference to `opinion' or `advice' in the definition of `information' in section 2(f) of the Act, only refers to such material available in the records of the public authority. Further, many public authorities provide advice, guidance and opinion to the citizens as a public relation exercise. But the same is purely voluntary and should not be confused with any obligation under the RTI Act.

Citation: Akshay Vasani v. Securities And Exchange Board of India, Second Appeal No. CIC/SEBIH/A/2024/644498; Date of Decision: 31.10.2025

Dr Anuradha Verma (dranuradhaverma@yahoo.co.in) is a RTI Consultant currently working with IIM Vishakhapatnam. She has co-authored the books PIO’s Guide to RTI and Right to Information – Law and Practice. Her weekly article is being published since 2008 on this site. She offers consultancy on RTI matters and third party audit to individuals / organisations. Her other articles can be read at the website of RTI Foundation at the link https://www.rtifoundationofindia.com