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The Central Information Commission has asked market regulator Securities and Exchange Board of India to decide whether information pertaining to investments made by foreign institutional investors in the country can be disclosed under the RTI Act.
The apex transparency panel also asked the market watchdog to decide the matter within two months after holding consultations with the government officials as well, besides taking a view point of FIIs in this regard.
"Sebi can examine the matter closely in terms of extant practices, consult all or a section of stake-holders, examine international practices, and obtain views of top functionaries in the field and in government before formulating response in the matter," Information Commissioner A N Tiwari said.
The commission's directions came on an appeal of Abhishek Chowdhury against the decision of the Sebi denying information on the yearly net investment figures in March 2005, 2006 and 2007 by each FII.
Following a hearing on the matter, the commission noted that Sebi had not examined the issue in details with due consultation with other parties.
"It is also not clear whether Sebi has examined the practices prevalent in other countries about disclosing such information about FIIs," Tiwari said, adding, "nothing had been stated as to how disclosure of this information would be injurious to the economy of India."
The Sebi also failed to respond to a query by the CIC on whether such information was regularly provided to the Government, Reserve Bank of India and Foreign Investment Promotion Board.