New Delhi: The Delhi High Court on Thursday
said that the National Stock Exchange (NSE) is a public
authority and is bound to reveal information under the RTI
Act.
Justice Sanjiv Khanna dismissed the plea of NSE 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 CIC which had
declared the stock exchange as a public authority.
The Central Information Commission had in 2007 held
that stock exchanges are "quasi" governmental bodies which are
bound to disclose information to the public under the Right to
Information 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
Commission 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 July Four, 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 Act.
PTI
