Delhi HC relief for bourses

The Delhi High Court on Wednesday 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 June 7 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.