Fiduciary Capacity of Regulators and the Right to Information

[The following guest post is contributed by Apoorv Chaturvedi, who is a 4th year BA LLB student at the Jindal Global Law School] The regulatory regime in India is a complex system with multiple regulators set up for promoting “healthy and orderly development”[1] and to “prevent malpractices”[2] of companies, banks, stock markets etc. This healthy development is very closely related to the...

RTI Act and SEBI Investigations

This is a bit dated (academic duties prevented regular blogging over the last few weeks), but on November 6, 2012, the Chief Information Commissioner (CIC) passed an order requiring SEBI to provide information regarding its investigation “into allegations of insider trading and short sale of shares pertaining to the shares of Reliance Petroleum in 2007”. The order was passed in response to an...

Registrar of Companies and the Right to Information Act

In the past, there has been some discussion on whether the concept of right to information should be extended to the corporate sector or not, but presently it applies only to a “public authority”. At most, it might include government companies as the definition of a “public authority” includes “any … body owned, controlled or substantially financed … directly or indirectly by...

Bits of Interest

1.         Regulation of Credit Rating Agencies Drawing lessons from the role of credit rating agencies (CRAs) in the recent financial crisis, SEBI has imposed additional transparency and disclosure norms for the Indian CRAs. SEBI’s circular issued on May 3, 2010 covers issues such as maintenance of records of the rating process, dealing with conflicts of...

RTI and the Corporate Sector

The Right to Information Act, 2005 has been successful in inducing transparency in the decision-making process of the government. However, it has been reported, quoting the Chief Information Commissioner, that the there is a need for the concept of right to information (RTI) under the Act to be “directly applicable to corporate houses”. The report further states: “[The Chief Information...

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