Divulging FIIs' info: Sebi asked to decide soon

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 [Get Quote] and Foreign Investment Promotion Board.

http://www.rediff. com/money/ 2008/jun/ 06fii.htm