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INDIA bloc leaders meet SEBI officials, seek probe into stock market 'manipulation' through Exit polls

The I.N.D.I.A bloc has described the stock market crash after Lok Sabha election results as "biggest stock market scam" with retail investors losing Rs 30 lakh crore. The stock market had soared after the Exit polls predicted landslide victory for BJP-led NDA but the result turned out differently.

Edited By: Shubham Bajpai New Delhi Published on: June 18, 2024 18:26 IST
INDIA bloc MPs met SEBI
Image Source : PTI I.N.D.I.A bloc delegation after meeting SEBI officials

An I.N.D.I.A bloc MPs delegation, including that of TMC, Shiv Sena (UBT) and NCP (SP) on Tuesday met officials of the Securities and Exchange Board of India (SEBI) and demanded an investigation into the alleged stock market manipulation following exit polls earlier this month.

The delegation led by TMC comprising MPs Kalyan Banerjee, Sagarika Ghose and Saket Gokhale, was joined by Shiv Sena (UBT) MP Arvind Sawant and former NCP (SP) MLC Vidya Chavan.

Rahul Gandhi described it as "biggest stock market scam"

Notably, Congress MP from Rae Bareli and Wayanad Rahul Gandhi called the Exit polls a means of stock manipulation and described it as the "biggest stock market scam" with retail investors losing Rs 30 lakh crore due to the market crash after the Lok Sabha poll result. He also alleged that Prime Minister Narendra Modi and Union Home Minister Amit Shah were directly involved.

In line with that, West Bengal Chief Minister and Trinamool Congress (TMC) President Mamata Banerjee has also demanded an investigation into how stock markets were "manipulated by using fake exit polls". However, the BJP has dismissed his charges as "baseless".

What delegation demanded?

After the meeting, TMC MP Kalyan Banerjee said, “SEBI had a glorious role in the past. We have confidence in SEBI which is why we are seeking an investigation into the manipulation of the stock market by the reason of misleading exit polls for the Lok Sabha elections 2024."

He further added that the delegation demanded a thorough investigation into whether exit poll agencies have any connection with political leaders. The MP claimed that the share market soared on June 3, but crashed a day late. In 24 hours, small investors lost Rs 30 lakh crore and the families of politicians have earned crores due to this, the MP added. 

“Amit Shah repeatedly said in various election campaigns to purchase early (before the polls) and you (investors) will get the benefit. We need an investigation to instil confidence (among investors),” Kalyan Banerjee said.

TMC delegation met Sharad Pawar

Earlier today, the TMC delegation also met NCP (SP) president Sharad Pawar who extended support to their demand for an investigation into the alleged stock market manipulation following the exit polls.

It is pertinent to note that the exit polls predicted a landslide victory for the NDA-led BJP in the Lok Sabha polls, due to which the share market saw huge purchases, thereby rising in a stroke. However, results turned out differently leading to the market crash.

(With PTI Inputs)

ALSO READ | Rahul Gandhi demands JPC to probe 'biggest stock market scam', attacks PM Modi and Amit Shah

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