Context:
The Delhi High Court has upheld that the National Stock Exchange (NSE) is a ‘public authority’ under Section 2(h) of the Right to Information (RTI) Act, 2005. The ruling makes the NSE subject to RTI obligations, including disclosure of information, subject to exemptions under the Act.
Explanation:
- The Right to Information (RTI) Act, 2005 promotes transparency, accountability and citizen participation by providing access to information held by public authorities.
- Section 2(h) defines a Public Authority as any authority or body established by the Constitution, law, government notification, or one that is owned, controlled or substantially financed by the government.
- A public authority must appoint Public Information Officers (PIOs) and provide information unless covered under exemptions in Sections 8 and 9 of the RTI Act.
- The National Stock Exchange (NSE) is India’s largest stock exchange and functions as a Market Infrastructure Institution (MII) regulated by the Securities and Exchange Board of India (SEBI) under the SEBI Act, 1992 and the Securities Contracts (Regulation) Act, 1956 (SCRA).
- SEBI is the statutory regulator of India’s securities market, while NSE provides the platform for trading in equities, derivatives and debt securities.
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Public Authority under RTI Act Explained