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Moneylife » Markets » Regulations » CIC asks SEBI to disclose number of insider-trading notices issued to RIL

CIC asks SEBI to disclose number of insider-trading notices issued to RIL

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PTI | 13/07/2012 11:40 AM | 

The CIC said argument offered by SEBI official that the disclosure would impede the process of the quasi-judicial proceedings is neither supported by any evidence nor tenable

 
New Delhi: The Chief Information Commissioner has directed the Securities and Exchange Board of India (SEBI) to provide the number of notices that might have been issued to Mukesh Ambani-led Reliance Industries Ltd for alleged insider trading of share transfer, reports PTI.
 
RTI applicant Debashish Nath had sought from the SEBI the number of notices which have been issued against RIL and Reliance Natural Resources Ltd (RNRL) for alleged insider trading.
 
In connection with the RIL, the SEBI informed him that since quasi-judicial proceedings are in progress in this regard the details sought by him cannot be provided as per the exemption clause 8(1)(h) of the RTI which prohibits disclosure of such information.
 
After examining the contentions of both the parties, Chief Information Commissioner Satyananda Mishra ordered the disclosure of information sought by Nath.
 
"After carefully considering the facts of the case, we are of the view that the above response of the CPIO was not entirely in order. Even if it is admitted that certain quasi-judicial proceedings were in progress against the relevant group of companies for insider trading in share transfer, at least, the total number of notices issued could have been mentioned," he said. 
 
Mishra said "also, if the notices issued included any information regarding the nature of the violation, such as, the volume of insider trading of shares, even that information could have been provided." 
 
He said the argument offered by the SEBI official that the disclosure of the desired information would impede the process of the quasi-judicial proceedings is neither supported by any evidence nor tenable.
 
"We direct the CPIO to provide to the appellant within 10 working days of receiving this order the number of notices the SEBI might have issued to these companies during the relevant period for insider trading in share transfer. Besidess, if the other details sought by him are included in the notices sent or separately maintained in a central register/database, that information should also be provided," he said.

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