CNBC-TV reports the stock market regulator, Sebi, has challenged the order of the Central Information Commission (CIC) to bring the stock exchanges under the ambit of the Right to Information Act (RTI).

Here is a verbatim transcript of Vivek Law’s comments on CNBC-TV18. Also watch the accompanying video.

This was a landmark order that the CIC had passed. It had said that Sebi, as a market regulator, should be able to access information from any market intermediary. That includes brokers, sub-brokers and investment bankers, mutual funds and stock exchanges. The CIC in its order had put the onus on Sebi that it should be able to procure this information on behalf of any citizen of India.

Sebi has challenged this in the Bombay High Court. It has said that it is not empowered enough to seek information from every broker, every mutual fund and therefore it can only impart that information, which in the normal course of its regulatory function is available with it.

In case it feels that there is some issue or some information, which is in the larger public interest, it may want to seek that information from any of these intermediaries. This interesting move by Sebi has challenged the CIC’s order. The Bombay High Court is going to continue its hearing in this matter later this month.