RTI: SEBI refuses to disclose instances when Madhabi Buch recused on conflict of interest

SEBI denies disclosing chairperson's financial declarations, citing personal safety concerns and lack of public interest.

The cases where SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest is not "readily" available and collating them would "disproportionately divert" its resources, the securities market regulator said in an RTI response on Friday (September 20, 2024).

In the response furnished to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Ms. Buch's declarations to the government and SEBI Board on the financial assets and equities held by her and her family members on the grounds of these being "personal information" and that their disclosure may "endanger" personal safety.

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It 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 copy of those declarations.

"Since the information sought do 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 mat 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.

Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life and physical safety of any person and section 8(1)(j) allows withholding information which relates to personal information the disclosure of which has no relationship to any public activity or interest.