New Delhi: A plea has been moved in the Supreme Court seeking a direction to the government and the market regulator to give a report on the share market crash and loss to investors after Lok Sabha election result on Tuesday.
The plea by advocate Vishal Tiwari also sought a direction to the Union government and SEBI to submit a status report on the directions given on January 3 for considering the suggestion of the expert committee headed by Justice A M Sapre in its report in the PIL in connection with the Hindenburg report on Adani group of companies.
The plea has been moved as an interlocutory application in the writ petition filed regarding the Adani-Hindenburg issue. “Recently after the Lok Sabha polls 2024 Results another big crash in Share Market has been seen. Stock market Volatility again emerged. As per reports published in some media news the loss was of 20 lac crores”, said the plea.
The plea contended that the share market crash has raised question marks upon the regulatory mechanism of the stock exchange and after the loss suffered in 2023 the same has been repeated and despite of the apex court’s alarming direction nothing has changed.
The plea submitted that it is said that after announcements of exit polls in respect to the Lok Sabha 2024 results the share market went high but when the actual results were announced then it resulted in the crash of share market.
“So again, it has raised the question that whether again the regulatory authority and mechanism has failed and still the mechanism remains un-strengthen after having an example of 2023 share market crash. Whether again some manipulations were made after the Exit polls came”, said the plea.
Congress leader Rahul Gandhi, in a press conference, claimed on June 6 that Prime Minister Narendra Modi and Home Minister Amit Shah were “directly involved” in the country’s “biggest stock market scam” in which retail investors lost Rs 30 lakh crore. Gandhi had demanded a probe by the Joint Parliamentary Committee into what he described as a “criminal act”.
