Reliance insider trading: Sebi gets order
During the hearing, Agrawal submitted that insider trading allegedly by Reliance Industries Limited had been widely reported in the press at the relevant time and it was believed that an alleged illegal gain of more than Rs 500 crore had been made.
He said that larger public interest warrants that such an information be disclosed.
Both the arguments cited by SEBI officials were overruled by Mishra who agreed with the submissions made by Agrawal.
"The CPIO has invoked the provisions of subsection 1(d) and (h) of the section eight of the RTI Act in denying the information. Subsection 1(d) clearly provided that even information in the nature of commercial confidence of trade secret or intellectual property could be disclosed if the larger public interest warrants the disclosure" Mishra said.
He said subsection 1(h) is not attracted in the case because the investigation is already over.
"We are of the view that these two items of information should be disclosed (a) in public interest and (b) not being covered by any exemption provision," he said ordering SEBI to disclosed the information within 10 days of receiving the order.
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