Thursday, April 15, 2010

Stock exchanges come under the ambit of RTI Act: HC

Stock exchanges come under the ambit of RTI Act: HC

New Delhi, Apr 15 (PTI): Allowing public scrutiny of the functioning of stock market, the Delhi high Court today held that stock exchanges are public authorities and are bound to disclose information under Right To Information Act.

The court dismissed the plea of National Stock Exchange and Jaipur Stock Exchange which submitted that they cannot be forced to reveal information to public under the transparency law as they are autonomous bodies incorporated under Company Act and not controlled by the government.

Justice Sanjeev Khanna dismissed the petition of the stock exchanges and upheld the decision of the Central Information Commission which had declared 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 Right to Information Act.

Courtesy_

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The RTI Act was passed by the Lok Sabha (Lower House) on 11 May 2005, by the Raj Sabha (Upper House) on 12 May 2005 and received Presidential assent on 15 June 2005. Parts of the Act came into force upon Presidential assent, but the Act came fully into force on 12 October 2005, 120 days after Presidential assent.

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This Blog Spot is meant for publishing reports about the usage of RTI Act (Right to Information Act, 2005) so as to create an awareness to the general public and also to keep it as a ready reckoner by them. So the readers may extend their gratitude towards the Author as we quoted at the bottom of each Post under the title "Courtesy".Furthermore, the Blog Authors are no way responsible for the correctness of the materials published herein and the readers may verify the concerned valuable sources.

Dinamani - RTI News