BEFORE THE APPELLATE AUTHORITY

(Under the Right to Information Act, 2005)

SECURITIES AND EXCHANGE BOARD OF INDIA
Appeal No. 2043 of 2014
Abhaya Kumar Mishra

Appellant

Vs.
CPIO, SEBI, Mumbai

Respondent

ORDER
1.

The appellant had filed an application dated August 22, 2014, under the Right to Information
Act, 2005 (hereinafter referred to as "RTI Act"). The respondent vide letter dated September
11, 2014, responded to the appellant. The appellant has filed this appeal dated November 19,
2014 (received at SEBI on November 26, 2014), against the said response. I have carefully
considered the application, the response and the appeal and find that the matter can be
decided based on the material available on record.

2.

From the appeal, I note that the appellant is aggrieved by the respondent's response to the
following query of his application, viz.
"Please give me a copy of the submission made by Bhubaneswar Stock Exchange ("BhSE") and a copy of the
undertaking furnished by them to SEBI as referred to in SEBI Letter CPIO/AKS/VRK/4822013/29581 dated November 19, 2013.

3.

In his response to the abovementioned query, the respondent informed the appellant that the
information sought by him regarding submissions made by BhSE to SEBI was of commercial
confidence and was held by SEBI in fiduciary capacity. In view of the same, the respondent
had invoked the provisions of Sections 8(1)(d)(e) of the RTI Act to deny information to the
appellant.

4.

In this appeal, while reiterating his request for information, the appellant has inter alia
submitted that:
" it is well established that there is no commercial confidence and fiduciary relationship involved as the
relevant information sought by the petitioner BhSE employee is relating to his own matters and rights relating to
his own organization (BhSE) where he is working. Therefore, SEBI cannot hold back and refuse information
to the petitioner BhSE employee on the ground of commercial confidence and fiduciary relationship with BhSE
as no commercial confidence and fiduciary relationship (is) involved."

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5.

I note that the respondent had inter alia invoked the provisions of Sections 8(1)(d) and 8(1)(e)
of the RTI Act to deny information to the appellant regarding submissions made by BhSE to
SEBI. In this regard, I note that the aforesaid information may contain information in the
nature of commercial confidence of such entity. In this context, I also note that while
disposing of a batch of Writ Petition (Civil) Nos. 8396/2009, 16907/2006, 4788/2008,
9914/2009, 6085/2008, 7304/2007, 7930/2009 and 3607 of 2007, the Honble High Court of
Delhi in its Order dated November 30, 2009, held that the 'person' referred to in section 8(1)(e) of the
RTI Act will include a public authority. It also held that: In a fiduciary relationship, the principal emphasis
is on trust, and reliance, the fiduciarys superior power and corresponding dependence of the beneficiary on the
fiduciary. It requires a dominant position, integrity and responsibility of the fiduciary to act in good faith and for
the benefit of and to protect the beneficiary and not oneself. I find that SEBI, being a public authority
under the RTI Act as well as the regulatory authority for the securities market, gets various
documents/correspondences from stock exchanges, etc. and the information contained in
those documents are received in 'fiduciary relationship'. I, therefore, find that such information
obtained in fiduciary relationship by SEBI, which may contain information in the nature of
commercial confidence, etc. of the concerned entity, is exempted from disclosure under
Sections 8(1)(d) and 8(1)(e) of the RTI Act. In view of the aforesaid observations, I find no
deficiency in the respondent's response to the abovementioned query of the appellant's
application.

6.

I, therefore, find that there is no need to interfere with the decision of the respondent. The
appeal is accordingly dismissed.

Place: Mumbai
Date: December 15, 2014

S. RAMAN
APPELLATE AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA

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