Mumbai: TMC MPs meet SEBI officials, demand probe into alleged stock market manipulation

TMC MPs Kalyan Banerjee, Sagarika Ghosh and Saket Gokhale met Sharad Pawar in Mumbai/ X

On Tuesday, a delegation of Trinamool Congress (TMC) MPs met with officials from the Securities and Exchange Board of India (SEBI), requesting an inquiry into alleged stock market manipulation following the exit polls earlier this month. The delegation consisted of TMC MPs Kalyan Banerjee, Sagarika Ghose, and Saket Gokhale. They were accompanied by Shiv Sena (UBT) MP Arvind Sawant and Vidya Chavan, a former MLC for the NCP (SP), reported PTI.

According to the report, Congress MP Rahul Gandhi earlier claimed that Prime Minister Narendra Modi and Union Home Minister Amit Shah were "directly involved" in what he called the "biggest stock market scam," stating that ordinary investors lost Rs 30 lakh crore due to a market crash following the Lok Sabha election results. The BJP denounced the claims as "baseless."

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Mamata Banerjee, the Chief Minister of West Bengal and the head of the TMC, has asked for an investigation into how stock markets were "manipulated using fake exit polls", the report added.

Following the meeting, Kalyan Banerjee voiced trust in SEBI, saying, "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 noted that the group also wanted an investigation into whether exit poll agencies had any ties to political figures. Banerjee stated that the stock market surged on June 3, but then plunged the next day, causing tiny investors to lose Rs 30 lakh crore in just 24 hours. He alleged that political families profited handsomely from this variation, the PTI report stated.

"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)," Banerjee further told PTI.

Earlier in the day, the TMC team met with NCP (SP) president Sharad Pawar, who supported their call for an inquiry into alleged stock market manipulation after the exit polls.

The stock market soared on June 3 following the June 1 exit polls, which predicted a landslide victory for the NDA-led BJP in the Lok Sabha election. The BJP, however, was unable to achieve a majority on its own and had to establish the government with its NDA partners, the report added.