Reliance insider trading: Sebi gets order

"If as a regulator, the SEBI took cognisance of allegations of any breach of law, rules or regulations by one or more entities for unlawful private gain, the information generated in the process of its investigation needs to be disclosed in the public domain," Chief Information Commissioner Satyananda Mishra said in an order on the plea of RTI applicant Arun Agrawal.

The case relates to RTI application filed by Agrawal who had sought to know from the SEBI names of individuals, partners, directors and major shareholders (in case of companies) involved in the short sale of shares of Reliance Petroleum in November 2007.

He had also sought the name of brokers through which the alleged short sales deal was routed.

Mishra said such disclosure would keep the general public informed and educated about the risks they may confront in making the investments in the market.

"It would also prevent many entities from adopting shortcuts to make profit through unlawful means. The argument that at the end of the quasi-judicial proceedings, the charged entities may be found innocent cannot be an argument against disclosing the information," Mishra said.

In another application, Agrawal wanted copies of the investigation report or the details of the consent order proceedings undertaken by SEBI in connection with the case.

In both cases, CPIO had denied the information

... contd.