The Securities and Exchange Board of India (SEBI) has refused to disclose details regarding the cases in which its chairperson, Madhabi Puri Buch, recused herself due to a conflict of interest. This decision was revealed in response to a Right to Information (RTI) request filed by transparency activist Commodore Lokesh Batra (retired). SEBI stated that the information is not readily available and would take excessive time and resources to locate.
SEBI Refuses to Share Asset Declarations
In addition to not disclosing case details, SEBI has also refused to provide a copy of Madhabi Puri Buch’s declaration of her and her family’s financial assets, including investments in shares. SEBI justified this refusal, stating that the declaration is personal information, and making it public could potentially threaten Buch’s safety. The regulatory body further declined to mention the exact date when these declarations were made.
Personal Information and Safety Concerns Cited
SEBI’s Central Public Information Officer (CPIO) clarified that the requested information falls under the category of personal data. The disclosure of this personal information is not deemed to be in the public interest, and the RTI Act protects such personal details. The CPIO added that revealing this type of information could invade Buch’s privacy and potentially jeopardize her safety.
In response to the RTI, SEBI noted, “The information sought is personal and has no connection to public interest or activity. Disclosing it could compromise privacy and safety.”
Gathering Recusal Information a Resource-Intensive Task
In the same RTI response, SEBI also explained that information related to the cases from which Madhabi Puri Buch recused herself, due to conflict of interest, is not readily available. They claimed that searching for and compiling this data would consume significant time and resources of the public authority. Citing Section 8(1)(g) of the RTI Act, SEBI emphasized that any disclosure that could potentially threaten the life or safety of a person is protected.
SEBI’s August 11 Press Release on Buch’s Recusals
On August 11, SEBI issued a press release where it was mentioned that Madhabi Puri Buch had excused herself from cases where there might be a conflict of interest. The release also mentioned that Buch has regularly informed SEBI about her financial holdings and their transfers.
This entire situation comes in the wake of allegations by Hindenburg Research, an American short-seller, which had questioned SEBI’s actions (or lack thereof) concerning the Adani Group. Hindenburg suggested that SEBI might not have acted against the Adani Group due to Buch’s alleged stakes in offshore funds linked to the group.
