For Quick Alerts
For Daily Alerts

CIC directs Sebi to disclose details of Reliance Petroleum insider trading probe

By Religare
CIC directs Sebi to disclose details of Reliance Petroleum
After the recent row over Reliance Industries KG basin, which has heated up the debate over corporate affairs in the country, the Right to Information (RTI) is set to shaken up the corporate India.

Based on the hearing of a petition filed by Arun Kumar Agarwal, a Bangalore-based lawyer, the Central Information Commission (CIC), the apex body under the RTI Act, 2005, has directed the Securities and Exchange Board of India (Sebi) to make public names of entities which were allegedly involved in the insider trading of shares of Reliance Petroleum in 2007.

The apex body has also directed Sebi to share details of the investigation reports and proceedings on the consent application filed by Reliance Industries (RIL) in this case.

In an order on the plea of RTI applicant, Chief Information Commissioner Satyananda Mishra said, "If as a regulator, the SEBI took cognisance of allegations of any breach of law, rules or regulations by one or more entities for unlawful private gain, the information generated in the process of its investigation needs to be disclosed in the public domain."

The decision came after Agrawal sought to know from the SEBI names of individuals, partners, directors and major shareholders (in case of companies) involved in the short sale of shares of Reliance Petroleum in November 2007.

However, earlier Sebi had refused to share these details citing that investigations and quasijudicial proceedings were pending.

The Commission also said, "After carefully considering the facts of the case and the submissions made before us, we are inclined to agree to the demand of the appellant that the disclosure of this information would serve a larger public interest."

Meanwhile, Sebi has not commented on the development. The regulator may appeal in the high court against the CIC order.

Read more about: reliance petroleum sebi
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more