'Mockery of public accountability': Congress slams SEBI over RTI rebuff

The SEBI has also denied to disclose the dates on which the disclosures were made. The SEBI Central Public Information Officer (CPIO) used the grounds of 'personal information' and 'safety' to deny a copy of those declarations.

New Delhi: The SEBI has refused to provide details of its chairperson Madhabi Puri Buch recusing herself from the regulator's proceedings due to potential conflict of interest under RTI, saying it is not "readily available" and collating them would "disproportionately divert" its resources.

The regulator's stand attracted Congress' criticism with the party saying it has made a "mockery" of public accountability and transparency. Buch has been under the eye of storm over allegations by US short-seller Hindenburg which claimed that the SEBI chief and her husband had investments in Adani Group-linked firms while she was a member and chairperson of SEBI, an allegation the Buchs have denied.

In response to RTI queries by transparency activist Commodore Lokesh Batra (retired), the SEBI 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. The SEBI also did not provide the dates on which she made the disclosures.

Batra had sought information on the modality of her appointment, the date on which she applied for the post of chairperson, her appointment and taking charge, besides details of her assets declaration among other things.

The SEBI said appointment of its chairperson is done by the Union government and the information on the rules and procedure for appointment as well as the date on which she applied for the post are not with the regulator.

"Since the information sought does 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 may 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.

Responding to the SEBI's reply on the RTI queries, Congress General Secretary (Communications) Jairam Ramesh said the multiple conflicts of interest of the SEBI chairperson that have been revealed so far are "shocking" in themselves.

"Now, in a move that adds more fuel to the raging fire, SEBI has simply refused to divulge information to a RTI activist on instances of the SEBI chairperson recusing herself on issues where there have been potential conflicts of interest. This makes a mockery of public accountability and transparency as far as SEBI is concerned," Ramesh posted on X.