Central Information Commission
Mrnaresh Kumar vs Securities And Exchange Board Of India ... on 14 December, 2015
Central Information Commission
Room No.307, II Floor, B Wing, August Kranti Bhawan, Bhikaji Cama Place,
New Delhi-110066
website-cic.gov.in
Case No. CIC/MP/A/2015/000789
Appellant : Shri Naresh Kumar, New Delhi.
Public Authority : Securities & Exchange Board of India,
Mumbai.
Date of Hearing : 30th November, 2015
Date of Decision : 14th December, 2015
Present :
Appellant : Present in person.
Respondent : Shri Aman Jain, Assistant GM through VC.
ORDER
1. The appellant Shri Naresh Kumar submitted RTI application dated 12.01.2015 to the Central Public Information Officer, Securities & Exchange Board of India (SEBI), Mumbai seeking information with reference to media release by Bombay Stock Exchange (BSE) dated 7.1.2014 under heading 'suspension of trading of securities vide which 22 scrips had been suspended w.e.f. 7.1.2014 and sought to know the detailed reasons for suspsension of Turbotech Engineering Ltd. (Scrip Code 504358) from BSE for trading; copy of order/notice etc. of SEBI with regard to Turbotech Engineering Ltd and rules/regulations etc. for reconsideration of revocation of suspsension of the suspended scrip of Turbotech Engg. Ltd etc. through three points.
2. The CPIO vide letter dated 30.01.2015 informed the appellant that the information sought was not available with concerned department of SEBI. Dissatisfied with the response of the CPIO the appellant filed an appeal before CIC/MP/A/2015/000789 1 the appellate authority (FAA) on 02.02.2015. The FAA had not adjudicated on appellant's appeal.
3. Thereafter the appellant filed the instant appeal before the Commission on 26.03.2015.
4. The matter was heard by the Commission. The appellant stated that from the media release of BSE regarding suspension of trading of securities vide which 22 scrips had been suspended on 7.1.2015 pursuant to directions received from SEBI, as a surveillance measure trading in securities until further notice. This also included the scrip Turbotech Engineering Ltd on which he sought the information. The FAA had also not adjudicated on his appeal. No 1st Appeal was received by Appellate Authority, SEBI from the applicant in the matter. The respondent stated that in the instant case, trading in the scrip of TEL, along with other scrips were suspended by BSE as the companies / trading activity in these scrips was not found to be meeting the parameters set by SEBI and the Exchanges. No specific direction / Order was issued by the surveillance department of SEBI in respect of the suspension in the scrip of TEL as mentioned in the said RTI application. As a surveillance measure, various steps are taken by SEBI in order to prevent manipulative activities on the stock market. In this regard, the surveillance department of SEBI, along with the Stock Exchanges, decides on certain parameters to be considered before taking any action, including suspension of trading in the scrip of a company. These parameters are highly confidential and form a part of the policy making / regulatory decision making of SEBI and hence cannot be made public. In view of this no information can be provided by SEBI to the applicant with respect to his queries. They further stated that appellant's first appeal was not received.
5. Having considered the submissions of the parties, the Commission directs the CPIO to confirm to the appellant under intimation to the Commission that no CIC/MP/A/2015/000789 2 specific information as sought for by the appellant was available with SEBI within one week of receipt of this order. The appeal is disposed of.
(Manjula Prasher) Information Commissioner Authenticated true copy:
(T.K. Mohapatra) Dy. Secretary & Dy. Registrar Ph. No. 011-26105027 Address of the parties:
Shri Naresh Kumar, AO-II, Indian Oil Corporation Ltd., Retail Sales Department, 2nd Floor, World Trade Centre, New Delhi-110001.
The Central Public Information Officer, Securities & Exchange Board of India, SEBI Bhawan, Plot No. C 4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051.
The First Appellate Authority, Securities & Exchange Board of India, SEBI Bhawan, Plot No. C 4A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051.CIC/MP/A/2015/000789 3