'Annual General Reports Made By SEBI Cannot Be Disclosed Without Following Procedure U/S 11 Of RTI Act': Bombay High Court

The Bombay High Court recently clarified that regulatory authorities must strictly adhere to Section 11 of the RTI Act when handling information involving third parties, such as stock exchanges. This ruling mandates that entities like BSE and NSE must be given an opportunity to oppose any disclosure, ensuring their privacy and confidential data are protected from unilateral release by regulators. For open data advocates, this decision underscores the legal complexity of accessing financial market intelligence. It establishes that merely holding a regulatory role does not automatically waive the procedural safeguards required for confidential third-party submissions. Consequently, transparency initiatives cannot bypass these mandatory steps, highlighting that open data retrieval in regulated sectors requires rigorous adherence to statutory due process rather than assuming broad disclosure rights. This precedent significantly impacts how open data is pursued in highly regulated industries. By affirming the status of stock exchanges as third parties, the court reinforces that public interest in transparency must balance against the right of private institutions to contest disclosures. This ensures that open data initiatives remain legally robust, prioritizing procedural fairness while navigating the tension between government accountability and commercial confidentiality.

Source: livelaw.in
Published on 2025-07-12

'Annual General Reports Made By SEBI Cannot Be Disclosed Without Following Procedure U/S 11 Of RTI Act': Bombay High Court

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