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Judiciary

Plea filed in SC for probe into share market crash on counting date

By Jhanak Singh      08 June, 2024 06:50 PM      0 Comments
Plea filed in SC for probe into share market crash on counting date

NEW DELHI: An application has been filed in the Supreme Court to direct the Union government and the SEBI to file a detailed report on the share market crash and losses suffered by the investors on June 4, when the Lok Sabha 2024 polls results were announced.

Advocate Vishal Tiwari, who filed the plea, also asked the court to direct the Union government and SEBI to submit a status report on the directions given on January 3, 2024 for considering the suggestion of the expert committee headed by Justice A M Sapre in its report in the PIL related to Hindenburg report on Adani group of companies. 

The court had then issued multiple  directions on the plea by Tiwari and others.

On January 3, 2024, the Supreme Court had disposed of the PIL with direction to SEBI to complete its investigation with in period of three months.

In a fresh application, the applicant, who had then filed the PIL, submitted after the Lok Sabha polls 2024 results, another big crash in share market has been seen. "Stock market Volatility again emerged. As per news reports, the loss was of Rs 20 lakh crores. This again has raised question mark upon the regulatory mechanism, despite this court's direction, nothing has changed," the plea said.

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 into the crash, raising question about the regulatory authority and its mechanism, it added.

In a press conference, Congress leader Rahul Gandhi on June 6 claimed Prime Minister Narendra Modi and Home Minister Amit Shah were directly involved in the countrys biggest stock market scam in which retail investors lost Rs 30 lakh crore and demanded a probe by the Joint Parliamentary Committee into what he described as a criminal act.

Senior BJP leader Piyush Goel, however, had trashed the charges, claiming the retail investors on the contrary had made massive gains.



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