SEBI: Information regarding the ‘consent mechanism’ is available on the website; the internal circulars & file notings consent mechanism denied u/s 8(1)(a)&(d) as disclosure may impact the strategic decision making of the regulator - CIC: order upheld
28 Nov, 2015ORDER
1. The appellant submitted RTI application dated October 22, 2013 before the Central Public Information Officer (CPIO), Securities Exchange Board of India (SEBI), Mumbai; seeking copies of internal notings/ file notings , circular, agenda note w.r.t. consent process under circular no. CIR/EFD/1/2012 dt. 25.5.2012 etc; through a total of 3 points.
2. The CPIO denied the information u/s 8(1)(a) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence; & (d) of the RTI Act, 2005 vide reply dated November 13, 2013. Not satisfied with the CPIO’s reply, the appellant preferred an appeal dated December 12, 2013 to the first appellate authority (FAA). Vide order dated January 13, 2014; the FAA upheld the CPIOs’ decision.
3. Dissatisfied with the response of the public authority, the appellant preferred second appeal before the Commission.
4. The matter was heard by the Commission. The appellant was not present during the hearing in spite of a written notice having been sent to him. The respondents submitted that the appellant had sought information regarding the ‘consent mechanism’ which was available on the website. They added that the appellant had sought the internal circulars and file notings issued by them relating to consent mechanism which could not be provided to the appellant because disclosure of such information may impact the strategic decision making of the regulator and it may also affect and compromise the interest of securities market. And also there was no larger public interest involved in disclosure of such information therefore they denied this information u/s 8(1)(a) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence; &(d) of the RTI Act, 2005. The circular in question is on SEBI website and hence in public domain. It lays down the detailed guidelines/ procedure for settlement of pending cases at SEBI. It specifies the guidelines for the market participant. The respondents added that they had already put the disclosable information in the public domain.
5. The Commission accepts the submissions made by the respondents and upholds their decision. The appeal is disposed of.
(Manjula Prasher)
Information Commissioner
Citation: Shri Mridul Sharma v. Securities Exchange Board of India (SEBI) in Appeal No. CIC/MP/A/2014/001234