The Supreme Court on Friday issued notice in an appeal filed by the National Stock Exchange of India Ltd. (NSE) challenging the Delhi High Court's judgment holding that it is a "public authority" under Section 2(h) of the Right to Information Act, 2005.

The High Court had upheld a 2007 order of the Central Information Commission (CIC) directing that the NSE be treated as a public authority under the RTI Act.

A bench of Justice Vikram Nath and Justice Sandeep Mehta passed an interim order directing that the operation of the CIC's order would remain stayed. The Court ordered, “Issue notice, returnable within four weeks. In the meantime, the effect and operation of the order dated 7th June, 2007, passed by the Central Information Commission, shall remain stayed” the Court held.

Appearing for the NSE, Solicitor General Tushar Mehta submitted that the exchange did not satisfy the definition of a "public authority" under Section 2(h) of the RTI Act. Referring to the Supreme Court's decision in Thalappalam Service Cooperative Bank Ltd. v. State of Kerala, he urged the Bench to first examine the definition clause in the statute and the contours of what constitutes a public authority.

The Solicitor General argued that the NSE has around 40% domestic investors and about 27-30% foreign investors, with no government shareholding. He contended that the exchange was neither established under the Constitution nor by a law made by Parliament or the State Legislature, nor by any government notification or order within the meaning of Section 2(h). He also pointed out that the High Court's interim protection had remained in force for 19 years.

When Justice Mehta observed that these were "days of transparency", the Solicitor General responded that the NSE places extensive information on its website but requested that the interim protection be continued.

The matter arose after an RTI applicant sought information from the NSE, following which the Central Information Commission (CIC), on June 7, 2007, held that the stock exchange was a "public authority" under Section 2(h) of the RTI Act.

Challenging the CIC's order, the NSE approached the Delhi High Court contending that it was a private company incorporated under the Companies Act and was neither established by law nor owned, controlled or substantially financed by the government.

In April 2010, a Single Judge of the Delhi High Court dismissed the NSE's challenge and held that the exchange was a public authority under Section 2(h) of the RTI Act. The Court observed that the expression "public authority" was intended to receive a broad interpretation and the RTI Act sought to ensure transparency and accountability.

It further held that recognition granted to the NSE under the Securities Contracts (Regulation) Act constituted establishment or constitution by an order of the appropriate government, and the extensive control exercised by the Central Government and SEBI over the exchange also brought it within the ambit of Section 2(h).

The NSE challenged that judgment before a Division Bench of the High Court. On May 4, 2010, the Division Bench issued notice in the appeal and stayed the operation of both the Single Judge's judgment and the CIC's order dated June 7, 2007 pending further proceedings. That interim protection continued until the High Court finally decided the appeal earlier this month.

On July 1, 2026, the Delhi High Court dismissed the NSE's appeal and affirmed the Single Judge's conclusion that the NSE is a "public authority" under Section 2(h) of the RTI Act.

Case no. – Special Leave to Appeal (C) No. 25056/2026

Case Title – National Stock Exchange of India Ltd. v. Central Information Commission & Ors.