TMC MPs ask SEBI officials to probe stock market 'manipulation'

A delegation of Trinamool Congress MPs met officials of the Securities and Exchange Board of India (SEBI) here on Tuesday, 18 June, and demanded a probe into the alleged stock market manipulation following exit polls earlier this month.

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

Notably, Congress MP Rahul Gandhi had alleged that prime minister Narendra Modi and union home minister Amit Shah were "directly involved" in what he described as the "biggest stock market scam" with retail investors losing Rs 30 lakh crore due to the market crashing after the Lok Sabha poll result earlier this month.

The BJP has dismissed his charges as "baseless".

West Bengal Chief Minister and Trinamool Congress (TMC) head Mamata Banerjee has demanded an investigation into how stock markets were "manipulated by using fake exit polls".

After the meeting, Kalyan Banerjee told reporters, “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 said the delegation also demanded a probe into whether exit poll agencies have any connection with political leaders.

On 3 June, the share market rose dramatically, but it crashed a day later.

In 24 hours, small investors lost Rs 30 lakh crore, the MP claimed, adding that families of politicians have earned crores due to this.

“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),” the MP said.

Earlier in the day, the TMC delegation met NCP (SP) president Sharad Pawar who supported their demand for an investigation into the alleged stock market manipulation following the exit polls.

The stock market rose on June 3 following the June 1 exit polls, which predicted a landslide victory for the NDA-led BJP in the Lok Sabha polls.

The BJP did not secure a majority on its own and formed a government with the NDA partners.