The Central Information Commission has directed the Securities and Exchange Board of India (SEBI) to declare the assets and liabilities of its Chairman U K Sinha in last three years in larger public interest.
Activist Arun Agrawal, through a Right to Information application, had demanded assets and liabilities statement of Sinha in the last three years and perquisites on which he has been employed with SEBI.
The SEBI Central Public Information Officer refused to give assets and liabilities of Sinha in last three years, claiming that it is personal information and that the same is provided to SEBI in fiduciary capacity.
With respect to perquisites on which he has been employed with SEBI, Agrawal was informed by SEBI the information is available in public domain.
During the hearing before the Full Bench of the Central Information Commission, Agrawal said there is a conflict of interest of the SEBI appellate authority as he (the authority) has applied for reappointment in SEBI and the Chairman of SEBI has a considerable say in his reappointment.
Agrawal alleged that Sinha did not disclose his true emoluments to the government at the time of his appointment as Chairman, SEBI.
"Sinha gave up a job of over Rs three crore per annum to become Chairman, SEBI at emoluments of Rs 36 lakhs per annum. It was done to dilute cases of some of the major offenders on the capital market. Hence, this information should be disclosed in public interest," Agrawal alleged.
The Commission took note of the arguments of Agrawal while ordering disclosure of the information in larger public interest.
"Taking into account the arguments of the appellant, this appears to be fit case where the requested information should be disclosed in larger public interest," the Commission said.
Sinha had joined SEBI as Chairman in 2011.
