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Admitting the appeal of the National Stock Exchange (NSE) against a previous verdict, the Delhi High Court on Tuesday stayed its order of bringing stock exchanges under the purview of the Right to Information Act.A Division Bench headed by acting Chief Justice Madan B Lokur stayed the operation of a single bench order which had on April 15 held that stock exchanges are "quasi" governmental bodies, bound to disclose information to the public under the law. The NSE had approached a larger bench of the court in appeal against the ruling and claimed that it could not be obligated to reveal information under the RTI Act as it was a company and the government had no control over it.Contending that the stock exchanges are neither a government body nor do they get any financial assistance from the government, senior advocate Abhishek Manu Singhvi, representing the NSE, argued that the single judge bench had made a mistake in bringing it within the RTI Act."I (NSE) am not financed by the government at all. There is no question of any substantial finance by the government. There is zero financial control of the government over its functioning," Singhvi said.Earlier, the single judge bench of the High Court had rejected this plea of the NSE and Jaipur Stock Exchange seeking relaxation from disclosing information under the Act as they were not controlled by the government.Ordering a public scrutiny of the stock exchanges' operations, the court had upheld the Central Information Commission's decision which declared the stock exchange as a public authority. "A stock exchange being a quasi governmental body working under the statute and exercising statutory powers has to be held to be a public authority under the Act," the Commission had said while directing the NSE to put in place a mechanism for the purpose.
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