RTI: SEBI refuses to disclose incidents of Madhabi Buch’s resignation over conflict of interest
The cases in which SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest are “not available” and pooling them would “unduly divert” her resources, the securities market regulator said in response to an RTI on Friday.
In a reply given by transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch’s declarations to the government and the SEBI Board on financial assets and shares held by him and his family members on the grounds that this was “personal information” and that disclosure their “may endanger” personal safety.
It also declined to disclose the dates of the disclosure. The SEBI Central Public Information Officer (CPIO) used the grounds of “personal information” and “security” to refuse a copy of those declarations.
“Since the information you seek is not about you and the same is related to personal information, its disclosure has no relation to any public duty or interest and would result in an unnecessary invasion of personal privacy and would endanger life or limb. the safety of the person(s). The same, therefore, is exempted according to Article 8 (1)(g) and 8(1)(j) of the RTI Act, 2005,” said the RTI reply.
“Other information about the cases where Madhabi Puri Buch recused himself due to possible conflict of interest during his tenure is not easily available and doing the same will lead to the diversion of the resources of the public authorities equally according to Article 7(9) of the Constitution. The RTI Act,” he said.
Section 8(1)(g) allows public authorities to withhold information the disclosure of which would endanger the health and physical safety of any person and section 8(1)(j) allows the withholding of information relating to personal information disclosed. has no relationship to any public work or interests.
The CPIO may disclose information if the public interest in disclosure outweighs the harm to protected interests.
A SEBI press release on August 11 stated that the chairman has recused himself from issues involving conflict of opinion.
“It is noteworthy that the proper disclosure required by securities and their transfer has been made by the Chairman from time to time,” said the statement.
US-based short-seller Hindenburg Research has alleged that it suspects SEBI’s reluctance to take on the Adani group may be because Buch was involved in offshore funds linked to the conglomerate.
A short seller had revealed that Buch and her husband Dhaval invested in one of the funds allegedly used by Vinod Adani. It also flagged Dhaval’s association with private equity giant Blackstone, promoter of several real estate investment trusts (REITs) and Sebi’s ongoing proposal for a new investment model.
“The allegations made by Hindenburg Research, against the Adani Group, have been formally investigated by Sebi,” the capital markets regulator said in a statement.
The Supreme Court itself noted in a January order that 24 of the 26 investigations against Adani have been completed, it said, adding that one was completed in March and the last one is about to be completed now.
