TMC Demands SEBI Probe into Alleged Stock Market Manipulation

A delegation of Trinamool Congress MPs met SEBI officials to demand a probe into alleged stock market manipulation following exit polls. Supported by political leaders from Shiv Sena and NCP (SP), they allege the manipulation caused massive losses for small investors. The BJP dismisses the allegations as baseless.

A delegation of Trinamool Congress (TMC) MPs met with officials from the Securities and Exchange Board of India (SEBI) on Tuesday, demanding an investigation into alleged stock market manipulation following exit polls earlier this month.

The TMC delegation was composed of MPs Kalyan Banerjee, Sagarika Ghose, and Saket Gokhale, and was joined by Shiv Sena (UBT) MP Arvind Sawant and former NCP (SP) MLC Vidya Chavan. Congress MP Rahul Gandhi has accused Prime Minister Narendra Modi and Union Home Minister Amit Shah of being directly involved in what he termed as the 'biggest stock market scam,' leading to retail investors losing Rs 30 lakh crore due to a market crash post-Lok Sabha poll results.

The BJP has dismissed these charges as baseless. West Bengal Chief Minister and TMC head Mamata Banerjee has called for an investigation into the alleged manipulation using fake exit polls. Following 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 due to misleading exit polls for the Lok Sabha elections 2024.'

Banerjee also pointed out that families of politicians have earned crores from the market activities coinciding with the election cycle, warranting a further probe into the associations of exit poll agencies with political leaders. The stock market saw a rise on June 3 post-exit polls predicting a landslide victory for BJP; however, the market crashed a day later, causing significant losses for small investors.

Earlier that day, the TMC delegation had met NCP (SP) president Sharad Pawar, who supported their demand for an investigation. The stock market dynamics during this period remain under scrutiny as allegations and counter-allegations continue.