Appeal against CIC: Sebi to make RIL party

Bombay High Court has asked market regulator Securities and Exchange Board of India to make Reliance Industries Ltd a party to its appeal against an order of Central Information Commissioner seeking information in the 2007 Reliance Industries Limited insider trading case.

Hearing Sebi's appeal, Justice D Y Chandrachud and Justice A A Sayed said on Tuesday, "RIL should be given an opportunity to be heard in the matter as the disclosures pertain to the company."

The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on December 19.

Sebi

had challenged the order of CIC who last month asked the market regulator to disclose information, including the identity of the entities involved in the case, based on the investigations carried out by it.

The CIC, Satyananda Mishra, who is an appellate authority under the Right to Information Act, had passed the order on an appeal filed by Bengaluru-based lawyer and RTI activist Arun Agarwal asking Sebi to disclose such details.