In a landmark ruling, the Delhi High Court on Wednesday held that the National Stock Exchange (NSE), India's largest stock exchange, is a "public authority" under Section 2(h) of the Right to Information (RTI) Act, bringing it within the ambit of the transparency law. The decision ended a 16-year-long legal battle. A division bench headed by Justice C. Hari Shankar and Justice Om Prakash Shukla upheld a 2010 ruling by a single bench of Justice Sanjiv Khanna, observing that the single judge's justification was "eloquent and reasoned" and that there was "no cause to disturb the findings." The order noted that "not only the Central Government but also a statutory authority exercises deep and pervasive control over the Stock Exchange." NSE had argued that it is a private entity, neither owned nor controlled by the government, and that regulatory oversight by the Securities and Exchange Board of India (SEBI) does not bring it under the RTI Act. Rejecting this, the court noted that although NSE was incorporated as a private company, it could not function as a stock exchange without recognition under Section 4 of the Securities Contracts (Regulation) Act, 1956 — a recognition granted by SEBI under powers delegated by the central government. The court held that ownership and financing are not the only tests under the law, relying on the earlier K.C. Sharma vs Delhi Stock Exchange ruling. Lawyers said the verdict would not lead courts to interfere with exchanges' commercial or policy decisions. Experts said it is likely to improve transparency in governance and regulatory functioning and strengthen investor confidence. The ruling comes as NSE awaits approval for what could be India's biggest IPO.