The Delhi High Court rules that the National Stock Exchange of India (NSEI) is a “public authority” under the Right to Information (RTI) Act, enabling citizens to seek information from it. According to reports, a bench dismisses NSE’s appeal against an earlier decision that had held NSEI to qualify under the RTI Act. The court considers NSE’s contention that it is a private entity and is not owned or controlled by the government, and that regulatory supervision by the Securities and Exchange Board of India (SEBI) does not by itself bring it within RTI. The judges state that a body qualifies as a public authority if it is owned, controlled, or substantially financed by the government. The bench also rejects NSE’s argument that it is merely a private company later regulated by statute. It observes that NSE cannot operate as a stock exchange without SEBI recognition and agrees with the earlier conclusion that NSEI is effectively “established” or “constituted” through an order. The ruling upholds the single judge’s finding that RTI applies to NSEI.
Delhi High Court rules NSE a public authority under RTI Act
The Delhi High Court rules that the National Stock Exchange of India (NSEI) is a “public authority” under the Right to Information (RTI) Act, enabling citizens to seek information from it. According t...
- The Delhi High Court holds NSEI is a “public authority” under the RTI Act.
- The court dismisses NSEI’s appeal against a prior single-judge ruling.
- NSEI had argued it is privately owned and that SEBI oversight does not bring it under RTI.
- The bench reiterates that bodies are public authorities if owned, controlled, or substantially financed by the government.
- The court notes NSEI cannot function as a stock exchange without SEBI recognition and treats it as effectively established or constituted by an order.
NSE had argued that it is a private entity, which is neither owned nor controlled by the government. It said that regulatory oversight by the Sebi does not amount to NSE coming under the ambit of RTI Act.
8 hours agoThe Delhi High Court on Wednesday held that the National Stock Exchange of India (NSEI) is a 'public authority' under the Right to Information Act. A bench of justices C Hari Shankar and O P Shukla dismissed an appeal by the stock exchange assailing a single judge's decision which ruled that NSEI qualified as a 'public authority' under section 2(h) of the RTI Act. Citizens can enforce their right to ask for information only from a 'public authority' under the RTI Act. The bench observed that if the body is owned, controlled or substantially financed by the government, it would qualify as a 'public authority'. The court stated that this was not a case where an entity was established as a private company and was regulated by statute later. Observing that the NSEI could not function as a stock exchange at all without recognition by SEBI, the court said it agreed with the single judge's finding that it has to be regarded as having been "established" or "constituted" by an order issued
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