Appellate authority asks SEBI to disclose information on MCX-SX under RTI
An application was filed with the Securities and Exchange Board of India (SEBI) under the Right to Information (RTI) Act seeking to get copies of correspondence on approval to stock exchange license granted to Multi Commodity Exchange of India Ltd. (MCX) for MCX-SX for currency futures and also a copy of letter of approval.
The reply from the SEBI said that the file notings used in the correspondence cannot be disclosed as they are strategic in nature and have confidential information, the disclosure of which might affect the strategic decision making of SEBI and could also compromise country’s economic interests by changing the competitive positions of stock exchanges. Thereafter, the applicant an appeal with the first appellate authority contended that though SEBI is correct in that there is confidential information in the file notings but the entire information sought by the appellant is not exempt under RTI Act.
The First appellate authority has asked SEBI to re-consider the RTI application and give a proper response to the appellant within 20 days by severing the exempted information from what is not confidential and can be disclosed.