TMC MPs meet SEBI officials, seek probe into stock market 'manipulation'

TMC MPs demand SEBI probe into alleged stock market manipulation after Lok Sabha polls, BJP dismisses claims.

A delegation of Trinamool Congress MPs met officials of the Securities and Exchange Board of India (SEBI) in Mumbai on June 18 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 ₹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, Mr. 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 June 3, the share market rose, but it crashed a day later. In 24 hours, small investors lost ₹30 lakh crore, the MP claimed, adding that families of politicians have earned crores due to this.