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Lok Sabha polls: TMC MPs meet Sebi officials, seek probe into stock market 'manipulation'

NEW DELHI: A delegation of Trinamool Congress MPs met with officials from the securities and exchange board of India ( Sebi ) and called for an investigation into suspected stock market manipulation following the recent exit polls .

The delegation included TMC MPs Kalyan Banerjee, Sagarika Ghose, and Saket Gokhale, along with Shiv Sena (UBT) MP Arvind Sawant and former NCP (SP) MLC Vidya Chavan.

"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," said Kalyan Banerjee post meeting.

"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 instill confidence (among investors)," Banerjee added.

On June 3, a day before the 2024 Lok Sabha results were announced, the stock market saw a rise, followed by a crash the next day. The MP claimed that within 24 hours, small investors lost Rs 30 lakh crore, highlighting that families of politicians have made millions from this situation.

This came in response to exit polls results released on June 1, forecasting a decisive win for the BJP-led NDA in the Parliamentary elections. However, BJP fell short of the majority mark and could secure only 240 seats.

Earlier this month, Congress leader Rahul Gandhi had also accused PM Narendra Modi and home minister Amit Shah of being "directly involved" in manipulating exit poll results. He had said that a fake hype was created by telecasting false exit poll results leading to massive buying on June 3. But when the results were announced on June 4, the markets plummeted, resulting in a loss of Rs 30 lakh crores for retail investors.

Calling these allegations "baseless", Piyush Goyal said, "Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors. Today, India has become the fifth-largest economy."

(With inputs from agencies)