Sebi chairperson Madhabi Puri Buch.
Credit: X/@intradaygeeks
New Delhi: SEBI has refused to even provide the dates on which its chairperson Madhabi Puri Buch submitted declarations on financial assets and securities held by her and family members to a query under the Right to Information (RTI) Act, 2005.
Transparency activist Commodore Lokesh Batra (retired) has sought information about the dates on which Buch had submitted the details of financial assets and securities held by her and family. Batra has specifically said he was not seeking the details of declaration but only the dates.
Batra also sought details of all matters where Buch had recused herself involving potential conflict of interest. Buch is in the midst of controversy following allegations of conflict of interest and links to controversial business conglomerate Adani Group.
Denying information, the SEBI said the information sought is "confidential personal information" available to the regulator in fiduciary capacity and therefore it is exempt under Section 8(1)(e) of the RTI Act, 2005.
It also said information cannot be disclosed as it has no relationship to any public activity or interest and may cause unwarranted invasion into the privacy of the individual. "Hence the same is exempt under Section 8(1)(j) of the RTI Act, 2005.
"The SEBI has questioned the public interest in seeking information from the regulator. It is to be understood that citizens have a large public interest in monitoring the functioning of the regulatory body by virtue of its role. The functioning of SEBI efficiently or otherwise has a direct or indirect impact on tax-payers money," Batra said.
In September, the SEBI has refused to provide details of Buch recusing herself from the regulator's proceedings due to potential conflict of interest under RTI query filed by Batra, saying it is not "readily available" and collating them would "disproportionately divert" its resources.
It had also refused to provide copies of Buch's declarations to the government and SEBI Board on the financial assets and equities held by her and her family members besides when she made the declarations.
Batra said in three months, the SEBI has changed the reasons for not providing details on cases in which she recused. “How do we trust SEBI repose when it changes grounds for denying information,” he said.