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Trinamool MPs With NCP (Sharad Pawar), Shiv Sena (UBT) Leaders Meet SEBI Officials, Demand Probe Into Stock Market ‘Manipulation’

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.

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tmc, trinamool congress, stock market, sebi, sebi officers, shiv sena ubt, ncp

A delegation of Trinamool Congress (TMC) Shiv Sena (UBT) and Nationalist Congress Party (SCP) leaders met with officials of the Securities and Exchange Board of India (SEBI) on Tuesday and demanded a probe into the alleged stock market manipulation ahead of the declaration of Lok Sabha election results. The leaders protested and raised slogans outside SEBI over the alleged stock market manipulation.

Shiv Sena (UBT) leader Arvind Sawant said, “The agencies because of which Rs 13 lakh crore has been lost of the common man, the same agencies are working for FII and exit polls. That linkage with them is a serious thing to be investigated…” TMC leader Kalyan Banerjee said, “…We will take the matter in the monsoon session. PM Modi, Union Home Minister Amit Shah and Union Finance Minister Nirmala Sitharaman should resign…”

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. NCP (SCP) leader Nirmala Samant Prabhavalkar said “…SEBI is a regulating authority which controls the stock exchange. If there is any complaint about anything unethical or illegal, there is only one institution that can intervene is the stock exchange…”

Ahead of their meeting with SEBI officials the leaders of Trinamool Congress, Shiv Sena (UBT) met with Nationalist Congress Party chief Sharad Pawar. Earlier, TMC Rajya Sabha member Saket Gokhale wrote to financial markets regulator SEBI, alleging “manipulation” in trading activities, a day after private exit polls were announced.

In a letter to the Securities and Exchange of India Chairperson Madhabi Puri Buch dated June 11, the Trinamool parliamentarian registered his complaint with the regulator, what he termed “stock market manipulation”. Gokhale has specifically demanded an investigation into statements made by Prime Minister Narendra Modi and Home Minister Amit Shah during the poll campaign, where they apparently “advised” people to invest in stocks hinting at positive election results for BJP.

During TV interviews, both Modi and Shah had asserted that the Indian stock markets will trade firm soon after election results, which was inferred by many in the Opposition, including TMC and Congress, as stock advice. “PM Modi and BJP do not run a brute-majority government anymore. Along with SEBI action, this matter will also be taken up in Parliament if required,” Gokhale wrote on his X timeline, attaching the letter he wrote to the SEBI.

“There was something very rotten about stock market fluctuations on 3rd and 4th Jun after rigged exit polls. The statements by Modi and Shah also contributed to losses of investors,” said Gokhale. Through the letter, the TMC leader also urged SEBI to investigate whether any entities linked to PM Modi, Home Minster Amit Shah, or BJP made substantial gains or profits during the stock market volatility on June 3-4.

Further, citing SEBI rules, he noted that only registered investment advisors are allowed to provide investment advice to the public. “Neither Shri Modi nor Shri Shah are investment advisors. Further, these statements were made in their capacity as Prime Minister and Home Minister of India, respectively. It is natural that when 2 such powerful Individuals proffer investment advice, investors are likely to take it with a lot of credibility and assurance,” Gokhale’s letter read.

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