Is NSE a public authority under the RTI Act? Delhi HC 2026

Yes. In early July 2026 a Division Bench of the Delhi High Court held that the National Stock Exchange of India Ltd. (NSE) is a “public authority” under the Right to Information Act, 2005, which means a citizen can file an RTI application with the NSE and expect a reply, subject to the usual exemptions. It is important to be precise about what actually happened: the Division Bench did not “newly bring” the NSE under the RTI Act. It dismissed a long-pending appeal by the NSE and upheld a 2010 single-judge ruling that had already declared the exchange a public authority. So the position has technically been the law since 2010; the 2026 judgment settles the argument at the appeal stage and makes it far harder for the NSE to resist RTI requests.

The case is National Stock Exchange of India Ltd. v. Central Information Commission and Ors., LPA 315/2010, neutral citation 2026:DHC:5170-DB, decided by Justices C. Hari Shankar and Om Prakash Shukla. The original 2010 single-judge decision that the Bench affirmed was authored by then-Justice Sanjiv Khanna, who later went on to the Supreme Court.

The RTI Act only applies to a “public authority”. If a body is not a public authority, you cannot file an RTI application with it at all. So the whole dispute turned on one definition.

The NSE argued that it is a private company, incorporated under the Companies Act, and therefore outside the RTI Act. It said it was neither established by the government nor owned by it, and so citizens had no right to demand information from it.

The Division Bench rejected that argument on two independent grounds, both flowing from Section 2(h) of the RTI Act.

• Institution of self-government. The court read the word “constituted” in Section 2(h) broadly, to include later executive recognition, not just creation by a statute. Because approval by the Securities and Exchange Board of India (SEBI) under Section 4(3) of the Securities Contracts (Regulation) Act, 1956 is mandatory before the NSE can operate as a stock exchange, that recognition makes it an “authority or institution of self-government”. The Bench put it bluntly: without recognition by SEBI, the NSE could not function as a stock exchange at all.
• A body controlled by the government. Section 2(h) also covers a body that is “controlled” by the appropriate government. The court found that the NSE is subject to “deep and pervasive” state control through SEBI regulation, and that stock exchanges discharge public functions in socio-economic affairs. That control satisfies the “controlled body” limb of the definition.

Either ground on its own is enough to make the NSE a public authority. The practical takeaway for an investor is simple: RTIs to the NSE are enforceable, and the exchange cannot brush them aside by calling itself a purely private company.

The definition is worth reading, because it is the reason the NSE lost. Under Section 2(h), “public authority” means any authority or body or institution of self-government established or constituted:

1. by or under the Constitution;
2. by any other law made by Parliament;
3. by any other law made by a State Legislature;
4. by notification issued or order made by the appropriate Government,

and includes any body owned, controlled or substantially financed, and any non-Government organisation substantially financed, directly or indirectly by funds provided by the appropriate Government.

The key phrase for the NSE was “controlled”. A body does not have to be created by the government to fall within the Act; deep regulatory control is enough.

If you have a grievance or a question that the NSE handles as part of its public role, you can now use the RTI route with confidence. Realistic examples include:

• The status and outcome of an investor complaint you filed against a broker.
• The policy, rules or circulars the exchange applied to a trading halt, a delisting or a surveillance action.
• Aggregate or process information about how the exchange runs its investor grievance redress mechanism.
• Records about the exchange's own functioning where no exemption applies.

Note the limit: RTI gives you access to information the NSE holds, not a shortcut to reverse a market decision or to recover money. For that you still use the ordinary investor grievance and appellate channels.

The process is the same as for any public authority.

1. Identify the Public Information Officer (PIO). Every public authority must designate a PIO. Address your application to the NSE's PIO. If none is named, address it to the head of the institution and it must be forwarded.
2. Write a clear application. Ask for specific records or information, not opinions or explanations. Keep each question sharp and factual.
3. Pay the fee. The standard application fee for a central public authority is Rs 10, by the accepted mode. People below the poverty line are exempt.
4. Wait for the reply. The PIO must respond within 30 days.
5. Use the exemptions carefully. The NSE, like any public authority, can withhold information under Section 8, for example genuine commercial confidence or trade secrets, personal information with no public interest, or information that would harm the economic interests of the State. A blanket “we are private” refusal is no longer valid, but a properly reasoned Section 8 exemption can still apply.

If you are drafting your first application, the AI RTI Drafter tool can help you frame tight, answerable questions. For the full method, read The RTI Playbook.

You are not stuck if the PIO stonewalls you.

1. First appeal. If you get no reply in 30 days, or a bad one, file a first appeal to the First Appellate Authority within 30 days. See how to file a first appeal under Section 19.
2. Second appeal. If the first appeal fails, escalate to the Central Information Commission. See the second appeal process before the CIC or SIC.

The NSE ruling fits a wider pattern: courts look at function and control, not just the label on the incorporation certificate. Bodies that are privately structured but heavily regulated, recognised or funded by the State have repeatedly been pulled into the RTI net. The test is whether the government owns, controls or substantially finances the body, or whether it is an institution of self-government exercising public functions. You can track how these questions play out in important RTI court decisions.

Yes. The Delhi High Court has confirmed the NSE is a public authority under the RTI Act, so you can file an RTI application with its Public Information Officer and it must be dealt with under the Act, subject to Section 8 exemptions.

No. The Division Bench dismissed the NSE's appeal and upheld a 2010 single-judge ruling by then-Justice Sanjiv Khanna. The exchange has technically been a public authority since 2010; the 2026 decision settles the appeal and closes the argument.

Because Section 2(h) of the RTI Act also covers bodies “controlled” by the government. The court found the NSE is under deep and pervasive SEBI control and can only function through mandatory recognition under the Securities Contracts (Regulation) Act, 1956, making it an institution of self-government.

Yes, but only on proper legal grounds. It can decline under Section 8 exemptions, such as trade secrets, commercial confidence with no overriding public interest, or personal information. It cannot refuse simply by claiming it is a private company.

National Stock Exchange of India Ltd. v. Central Information Commission and Ors., LPA 315/2010, neutral citation 2026:DHC:5170-DB, decided by Justices C. Hari Shankar and Om Prakash Shukla of the Delhi High Court in early July 2026.

File a first appeal to the First Appellate Authority within 30 days of the deadline. If that fails, file a second appeal before the Central Information Commission, which can direct disclosure and impose penalties on the PIO.

• Verdictum: National Stock Exchange of India Ltd. v. Central Information Commission (2026:DHC:5170-DB) - https://www.verdictum.in/delhi-high-court/national-stock-exchange-of-india-ltd-v-central-information-commission-2026dhc5170-db-us-43-scra-constitutes-nse-an-authority-of-self-government-1616997
• Business Today: Delhi High Court brings NSE under RTI Act, calls it a public authority - https://www.businesstoday.in/india/story/delhi-high-court-brings-nse-under-rti-act-calls-it-a-public-authority-540568-2026-07-03
• Right to Information Act, 2005, Section 2(h) and Section 8 (indiacode.nic.in)

This guide is general information, not legal advice. Reviewed by Dr. Shrawan Kumar Pathak.