INSUBCONTINENT EXCLUSIVE:
Sebi Chairperson Madhabi Puri Buch (Photo: PTI)3 min read Last Updated : Sep 20 2024 | 7:38 PM IST
The cases where Sebi chairperson
Madhabi Puri Buch recused herself due to potential conflict of interest is not "readily" available and collating them would
"disproportionately divert" its resources, the securities market regulator said in an RTI response on Friday.
In the response furnished to
transparency activist Commodore Lokesh Batra (retd), the regulator 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 on the grounds of these being "personal information"
The Sebi Central Public Information Officer (CPIO) used the grounds of "personal information" and "safety" to deny copy of those
declarations.
"Since the information sought do not pertain to you and the same relates to personal information, the disclosure of which
has no relationship to any public activity or interest and mat cause unwarranted invasion into the privacy of the individual and may also
endanger the life or physical safety of the person(s)
The same is, therefore exempt in terms of Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005," the RTI response said.
"Further the
information on cases where Madhabi Puri Buch recused herself due to potential conflicts of interest during her tenure is not readily
available and collating the same will lead to disproportionately diverting the resources of the public authority in terms of Section 7(9) of
the RTI Act," it said.
Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life
and physical safety of any person and section 8(1)(j) allows withholding information which relates to personal information the disclosure of
which has no relationship to any public activity or interest.
A CPIO may still disclose information if public interest in disclosure
outweighs the harm to the protected interests.
A press release from Sebi on August 11 had claimed that the chairperson has recused herself
in matters involving potential conflict of interest.
"It is noted that relevant disclosures required in terms of holdings of securities
and their transfers have been made by the Chairperson from time to time," it had said.
The US-based short seller Hindenburg Research
alleged that it suspects Sebi's unwillingness to act against the Adani group may be because Buch had stakes in offshore funds linked to the
conglomerate.
The short seller had alleged that Buch and her husband Dhaval had invested in one of the funds which was allegedly being
It also flagged Dhaval's association with private equity major Blackstone, a promoter of multiple real estate investment trusts (REITs) and
Sebi's continued pitch for the new investment avenue.
"The allegations made by Hindenburg Research, against the Adani Group, have been
duly investigated by Sebi," the capital markets regulator had said in the statement.
The Supreme Court had itself noted in an order in
January that 24 out of 26 investigations against Adani had been completed, it said, adding that one more was completed in March and the last
is nearing completion now.First Published: Sep 20 2024 | 7:37 PMIST
