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Thread: Stock Exchanges now under RTI

  1. Re: Stock Exchanges now under RTI


    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



  2. #10
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    Re: Stock Exchanges now under RTI


    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

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    Re: Stock Exchanges now under RTI


    Bourses under RTI? SC to decide

    Dragged to courts by stock exchanges, Central Information Commission now wants the Supreme Court to resolve whether bourses can be brought under the purview of the Right to Information Act or not.

    "One case is in the Bombay High Court and one case is in the Delhi High Court (over the issue of bringing bourses under the transparency legislation). We are now moving to get those cases transferred to the Supreme Court," chief information Commissioner Wajahat Habibullah told PTI.

    The Commission, in response to RTI applications, held in September that stock exchanges are 'public authority' within the meaning of the RTI Act 2005 and would have to comply with the provisions of the transparency legislation.

    The decision, however, did not go down well with the Bombay Stock Exchange and National Stock Exchange, which in separate petitions challenged it in the Bombay High Court and Delhi High Court respectively.

    Elaborating on the stand of the Commission, Habibullah said: "SEBI strongly argued for the decision we gave, some stock exchanges argued against it. Now, what will happen in that case I do not know."

    When asked whether a stock exchange such as BSE, which is not a government body, will fall within the definition of a public authority, he clarified: "A public authority means any authority, body or institution of self government established or constituted by the Constitution, any law made by Parliament or state legislature by any notification made by appropriate government."

    "It would also include any body owned, controlled or substantially financed directly or indirectly by funds provided by the government," Habibullah said.
    "All stock exchanges are created by orders of SEBI. In passing the orders of registering the stock exchanges, it is exercising the authority of the government," he added.

    Earlier in June, CIC had ruled that stock exchanges come under the RTI purview and had asked all the bourses to comply to the RTI rules within three months.

    A bench headed by Habibullah had termed the government's control over the functioning of stock exchanges as pervasive and said that bourses can not be exempted from sharing information under the provisions of the Act.

    While SEBI has supported CIC's contention that stock exchanges are quasi-government bodies and should be brought under the RTI Act, finance ministry's department of economic affairs (DEA) differed with this opinion.

    Currently, any request for information from the stock exchanges has to be routed through SEBI. SEBI has earlier said in its submission to the CIC that despite stock exchanges' independent operations, they ought to be classified as public authority as they can start business only if they are notified by the government.

    The RTI Act defines a public authority as one that is created by a notification issued by the government or a law passed by the Parliament.

    Bourses under RTI? SC to decide

  4. Re: Stock Exchanges now under RTI



    Hi! Ppl..
    Im a law student in final year. Im planning to write an article on "Stock exchange under the ambit of RTI Act". It would be great help if some one could provide me with some material.
    thanx

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    Re: Stock Exchanges now under RTI


    Nihit,

    Just go through the above thread and all the links provided in the posts.

    I can assure you that this is the most comprehensive place to get all the information about Stock Exchanges and RTI.

  6. #14

    Re: Stock Exchanges now under RTI


    Quote Originally Posted by nihitagarwal View Post
    Hi! Ppl..
    Im a law student in final year. Im planning to write an article on "Stock exchange under the ambit of RTI Act". It would be great help if some one could provide me with some material.
    thanx
    You will need to do some work searching thru this site. Also study threads illustrating how some other private institutions -- e.g. schools -- fall under RTI because of substantial public aid. The DIRECTORY segment of this site has some examples. Whether significant potential public consequences, or significant public regulation, is also enough to satisfy the language in the RTI Act --- or since I am biased, how to argue those conditions satisfy the RTI Act's language -- is one key question. A short summary posted here would be helpful. Best,

    Murgie

  7. #15

    National Stock Exchange covered by RTI Act, rules court


    National Stock Exchange covered by RTI Act, rules court
    As reported in ThaiIndian April 15th, 2010 ICT by IANS

    New Delhi, April 15 (IANS) The Delhi High Court Thursday upheld the decision of the Central Information Commission (CIC) that the National Stock Exchange (NSE) comes under the ambit of the transparency law.
    While dismissing the NSEs plea, Justice Sanjiv Khanna said: The NSE is a public body and is bound to reveal information under the Right to Information (RTI) Act.

    The court rejected the NSEs plea that it cannot be forced to disclose information under the transparency law as it is an autonomous body with no government control over it.

    The CIC ordered in 2007 that stock exchanges are quasi-governmental bodies and are bound to disclose information to the public under the RTI Act as a rule.

    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 said in 2007 while putting it under the purview of the RTI Act.

    After this order by the CIC, the NSE approached the high court, which put an interim stay on the CIC order July 4, 2007. On Thursday, the high court dismissed the NSEs plea while disposing the matter.

    National Stock Exchange covered by RTI Act, rules court

  8. #16

    Re: Stock Exchanges now under RTI


    What happened to the case in the Bombay High Court, any idea?

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