Stock Exchanges now under RTI

[karira]

Yes, now Stock Exchanges are under RTI Act 2005.

Please see the following thread:

http://www.rtiindia.org/forum/rti-ne...formation.html

[karira]

Sponsorer

Just another point of view.
I don't agree with what this writer is saying.

<table class="TableClas" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td class="heading">Every licensee is not a public authority</td></tr><tr><td height="11"></td></tr><tr><td class="byline">WITHOUT CONTEMPT</td></tr><tr><td height="12"></td></tr><tr><td class="author">Somasekhar Sundaresan / New Delhi June 14, 2007</td></tr><tr><td height="4"></td></tr><tr><td style="background-image: url(/images/common/gn_005.gif); background-repeat: repeat-x;"></td></tr><tr><td height="9"></td></tr></tbody></table>The author is a partner of JSA, Advocates & Solicitors. The views expressed herein are his own

Every licensee is not a public authority

[karira]

RTI Act to keep stock exchanges on high alert: experts

NEW DELHI: The Central Information Commission's (CIS) decision to bring stock exchanges within the purview of RTI Act will keep the bourses on high alert and ensure that necessary information is made available to public in cases of manipulation by operators, feel experts.

"The RTI Act will ensure that stock exchanges reveal information to investors on suspected cases of manipulation," said, investment consultant Prime Database's Managing Director Prithvi Haldea.

However, he added, the decision of the CIC would not cut much ice as enough transparency is available in working of the stock exchanges since their corporatisation.

"The stock exchanges are no more fiefdoms of brokers and manipulators," Haldea said adding they are monitored by market regulator Securities and Exchange Board of India (SEBI) on a daily basis.

The CIC order, said Diljeet Titus, senior partner of the corporate law firm Titus and Co, "will keep stock exchanges on high alert and ensure that they remain vigilant and transparent."

The decision, he added, would open yet another window for investors to seek information from the stock exchanges and pursue legitimate interests.

In an era of transparency when bulk of the commercial information is available in public domain, Titus said, "it will not be in the public interest to hide or withhold information."

The CIC in its recent order, overruling the objections of the finance ministry and National Stock Exchange (NSE), held that bourses being "quasi-governmental body" are public authorities and hence would come within the purview of the Right to Information Act.

RTI Act to keep stock exchanges on high alert: experts-Stocks News-Stocks-Markets-The Economic Times

[ganpat1956]

Information commission's order on stock exchanges stayed

In a setback to private investors, the Delhi High Court Wednesday stayed a Central Information Commission (CIC) order directing authorities to bring the stock exchanges under the purview of the Right to Information (RTI) Act.

Justice B.D. Ahmed stayed the CIC's June 7 order on a petition by National Stock Exchange (NSE), while issuing notices to the market regulator, Securities Exchange Board of India (SEBI), the union ministry of finance and the CIC to file their replies.

The NSE had approached the high court, challenging the CIC's decision to open up the bourses under the new act.

Appearing for the NSE, senior counsel Gopal Subramanium argued that information under the RTI Act could be sought only from the government organizations or its agencies and not against a company.

India eNews - Information commission's order on stock exchanges stayed

[karira]

HC stays order bringing stock exchanges under RTI

Court buys NSE view that bourses do not come within definition of state; asks Sebi, CIC, Finance Ministry, to file replies

New Delhi: The Delhi High Court on 4 July stayed an order of Central Information Commission bringing stock exchanges under the purview of Right to Information (RTI) Act.

Acting on a petition by National Stock Exchange, a bench of Justice B D Ahmed also issued notices to market regulator Sebi, Ministry of Finance and CIC seeking their replies. The court asked them to submit affidavit within four weeks and file rejoinder, if any, in four weeks thereafter.

NSE had challenged CIC’s decision of 7 June to open up the bourses under the transparency legislation.

Gopal Subramanium, the counsel for NSE, contended that bourses did not come within the definition of the state and so, cannot come under the purview of RTI Act.

Subramanium, who is also Additional Solicitor General, said information under RTI can be sought only against the government or its agencies and not against a company. NSE is a company incorporated under the Companies Act, he said.

Organisations which come within the ambit of RTI Act should be constituted, controlled and substantially funded by the central or the state government. Stock exchanges do not fit in the definition and their board of directors are not appointed by the government, he added.

Contesting the government’s view it had no control on bourses, the Sebi counsel said it monitored exchanges and the regulator was a government body.

On this, the Bench remarked: “Everybody is governed by one or the another government body.”

The CIC had last month on a plea by two investors against NSE and Jaipur Stock Exchange directed all bourses to comply with RTI rules within three months. It had also directed JSE and NSE to put in place an RTI regime within a month.

The Commission had said that stock exchanges being quasi-governmental bodies working under the statute and exercising statutory powers have to be held a ‘public authority’ within the meaning of the RTI Act.

Sebi had then argued it had, along with the government, concurrent control over functioning of stock exchanges.



HC stays order bringing stock exchanges under RTI - livemint