Case Note & Summary
The Bombay High Court dealt with a cluster of writ petitions arising from a Central Information Commission order concerning disclosure of information under the Right to Information Act, 2005. The principal applicant had sought from SEBI various categories of information relating to the appointment of Public Interest Directors on the boards of Market Infrastructure Institutions, including stock exchanges and clearing corporations, as well as annual inspection reports of the Bombay Stock Exchange. The petitions comprised cross-challenges: SEBI filed Writ Petition Nos. 10909 and 10910 of 2023, while the RTI applicant filed Writ Petition Nos. 10887 and 10888 of 2023. The RTI application dated 18 June 2021 contained nine queries. The first query sought complete information including policy and guidelines on the role of SEBI in appointing Public Interest Directors on the boards of BSE, NSE, MCX, and MCX Clearing Corporation. The second query sought file notings, correspondence, and other documents on framing such policy. The third query sought file notings, correspondence, and documents on SEBI's approval of PID appointments from 1 January 2019 to 15 June 2021. The fourth query sought copies of annual inspection reports of BSE for 2017-18 to 2019-20. The Central Information Commission's order dated 27 December 2022 dealt with these queries: for the first query, it directed the CPIO to provide workable links; for the second query, it applied the exemption under Section 8(1)(e) of the RTI Act on the ground that the information was held in a fiduciary capacity; for the third query, it applied Section 8(1)(j) exemption on personal information, but directed the CPIO to provide a list of selected and rejected candidates with redaction of personal and sensitive information invoking the severability principle under Section 10; for the fourth query, it applied Section 8(1)(d) exemption and provided only concluding comments or final findings, not full inspection reports. Both sides were aggrieved. SEBI challenged the order to the extent it directed furnishing a revised reply on queries 1, 3, 4, and 5, while the RTI applicant challenged the order to the extent it did not furnish the entire information sought. The High Court issued Rule and, with the consent of counsel, made it returnable immediately. The matters were heard together and reserved for judgment. The legal issues centered on the interpretation of RTI Act exemptions: whether file notings and correspondence were exempt as fiduciary under Section 8(1)(e); whether approval documents were personal information under Section 8(1)(j) and whether partial disclosure after severability was appropriate; and whether annual inspection reports were exempt under Section 8(1)(d) as commercial confidence or trade secrets, permitting only disclosure of concluding comments. The parties presented arguments through their respective senior counsel. The extracted text ends before the court's analysis and final operative directions. Therefore, the final decision and ratio decidendi are not available in the provided portion. The court reserved judgment on 25 June 2025 and pronounced it on 10 July 2025.
Headnote
A) Right to Information - Exemptions - Fiduciary Relationship - Right to Information Act, 2005, Section 8(1)(e) - Query seeking file notings and correspondence on framing policy for PID appointments was denied by CPIO, SEBI on ground that information was held in fiduciary capacity; CIC applied exemption under Section 8(1)(e). Both SEBI and Mr Agarwal challenged this part. Issue raised whether such information is exempt as fiduciary. (Paras 1-5) B) Right to Information - Exemptions - Personal Information and Severability - Right to Information Act, 2005, Sections 8(1)(j), 10 - Query seeking file notings, correspondence, and documents on approval of PID appointments from 2019 to 2021 was denied full disclosure as personal information under Section 8(1)(j); however, CIC directed CPIO to provide list of selected and rejected candidates with redaction/masking of personal and sensitive information invoking Section 10 severability. Both parties challenged. (Paras 1-5) C) Right to Information - Exemptions - Commercial Confidence/Trade Secrets - Right to Information Act, 2005, Section 8(1)(d) - Query seeking copies of annual inspection reports of BSE for 2017-18 to 2019-20 was partially denied; full inspection reports not provided, only concluding comments/final findings, applying exemption under Section 8(1)(d). Issue whether full reports should be disclosed. (Paras 1-5) D) Right to Information - Procedural - CIC Order Partly Allowed - Right to Information Act, 2005 - The CIC order dated 27 December 2022 partly allowed RTI application and directed revised replies; both SEBI and applicant filed cross writ petitions challenging different aspects, resulting in common judgment. (Paras 1-5)
Issue of Consideration
Whether file notings and correspondence on framing policy for appointment of Public Interest Directors are exempt under Section 8(1)(e) RTI as held in fiduciary capacity; whether documents regarding approval for appointment of PIDs constitute personal information exempt under Section 8(1)(j) and whether severability under Section 10 applies; whether annual inspection reports of BSE are exempt under Section 8(1)(d) as commercial confidence/trade secrets, and whether partial disclosure of concluding comments suffices; whether CIC's order directing revised reply to queries was lawful.
Final Decision
Not mentioned (final operative order not provided in extracted text).
Law Points
- Exemptions under Section 8(1)(e) fiduciary relationship
- Exemptions under Section 8(1)(j) personal information
- Severability under Section 10 of RTI Act
- Exemptions under Section 8(1)(d) commercial confidence
- Right to Information Act
- 2005
- SEBI disclosure obligations
