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NSE should disclose information under RTI Act: Delhi HC
The Delhi High Court on Thursday upheld the decision of the Central Information Commission (CIC) that the National Stock Exchange (NSE) comes under the ambit of the transparency law. Justice Sanjiv Khanna dismissed the appeal of NSE 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 ordered in 2007 that stock exchanges are quasi-governmental bodies and are bound to disclose information to the public under the RTI Act as a rule. Though stock exchanges are registered as public limited companies, the CIC held that they still discharge an important public function as they regulate and control the business of sale and purchase of securities. It added that it is only the grant of recognition by the Securities and Exchange Board of India (SEBI) which allows stock exchanges to function and they "remain under the implicit control of the government through SEBI”.
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