NSE should disclose information under RTI Act: Delhi High Court

Moneylife Digital Team 15 April 2010

The court has upheld the decision of the Central Information Commission which had declared that the stock exchange is a public authority

The Delhi High Court today said that the National Stock Exchange (NSE) is a “public authority” and is bound to reveal information under the Right to Information (RTI) Act, reports PTI.

Justice Sanjiv Khanna dismissed NSE’s plea that it cannot be forced to disclose information under the transparency law because it is an autonomous body and not controlled by the government.

The court upheld the decision of the Central Information Commission (CIC) which had declared the stock exchange as a public authority.

The CIC had in 2007 held that stock exchanges are quasi-governmental bodies which are bound to disclose information to the public under the RTI Act.

“A stock exchange being a quasi-governmental body working under the statute and exercising statutory powers has to be held to be a public authority under the Act,” the CIC had said while directing the NSE to put in place a mechanism for the purpose.

The NSE then approached the Delhi High Court, which had on 4 July 2007, stayed the CIC order.

Contending that it is an independent organisation and registered as a company, the stock exchange had submitted that it cannot be forced to comply with the transparency law as a private organisation and that it cannot be placed under the ambit of the RTI Act.

Comments

User

UdayPrabhu

2 decades ago

Gentlemen,

I am saddened & shocked to note from NSE per their letter bearing Ref no;NSE/ISC/RTI/2010 of 13 Aug 2010 received today, from Ms Anuradha Shetty -The Manager, that they are not amenable under the RTI Act thus returning the RTI Application stating therein that the same has been stayed by The Hon'ble Delhi High Court.

Believe, its incorrect /illegal, unless an Appeal has been filed before the Hon'ble & Intellectual- Supreme Court & the same has been stayed.

Hence seek clarification from ALL concerned on the true facts of the case at present.

Thanking you in anticipation,

UdayPrabhu.