The Securities and Exchange Board of India (SEBI) recently responded to some 68-questions about crypto asked by a New Delhi-based legal agency.
The response came under the pretext of a Right-to-Information (RTI) act that allows citizens to request information from a public authority. Blockchain Lawyer filed an RTI application to SEBI seeking knowledge on various aspects of crypto regulation, including their official stance, recently study tours and the outcomes of internal meetings over the proposed crypto law so far.
According to Varun Sethi, a legal counselor at Blockchain Lawyer, SEBI didn’t provide straightforward answers to a majority of their questions, citing confidentiality. A copy of the response revealed many instances in which the regulator ducked questions that could have clarified the current status of crypto regulation in India.
SEBI, for instance, didn’t reveal its research data that could be the base for the future crypto law. The regulator explained that releasing such information could “affect its strategic decision-making process.” Considering it was important for local blockchain industry to understand the source of their research, which the regulator claimed to have drafted after taking “personal views” of its officers, the decision to withhold information from them didn’t go well.
But why this is signalling that are atleast doing something to regulate.Statement like
"Will harm competitive position"
"Too confidential"this means there is something to hide before time.
RBI done its max to stop it so there is nothing to do.. this might be gud confidential.— Suryansh