Upholding the decision of the Central Information Commission (CIC) which had declared the National Stock Exchange (NSE) as a public authority, Justice Sanjiv Khanna as judge of the Delhi High Court dismissed NSE’s submission 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 CIC has concluded that stock exchanges are quasi-governmental bodies which are bound to disclose information to the public under the Right To Information (RTI) Act, 2005.
In 2007, CIC wrote: “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”. It had directed NSE to put in place a mechanism for complying with the RTI Act.
Justice Khanna endorsed CIC's decision and concluded in his order that NSE "is a ―public authority‖ as it is an authority or institution of self- government' constituted or established by notification or order issued by the appropriate Government. It is also held that the petitioner is controlled by the appropriate Government."
Justice Khanna, the son of Justice H.R. Khanna, the renowned judge of the Supreme Court known for his historic dissent, who currently a judge of the Supreme Court is all set to take oath as the 51st Chief Justice of India.
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