Plea in Supreme Court for probe into share market crash on counting date

After announcements of exit poll results, the share market went high, but when the actual results were announced, it resulted in a crash, raising questions about the regulatory authority and its mechanism, the plea added.

New Delhi: A plea 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.

An application filed by advocate Vishal Tiwari also asked the court to direct 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 related to the Hindenburg report on the Adani group of companies.

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

In a fresh plea the applicant submitted after the Lok Sabha poll results, another big crash in the share market has been seen. "Stock market volatility again emerged. As per news reports, the loss was Rs 20 lakh crore. This again has raised question mark on the regulatory mechanism... despite this court's direction, nothing has changed," the plea said.

After announcements of exit poll results, the share market went high, but when the actual results were announced, it resulted in a crash, raising questions about the regulatory authority and its mechanism, it added.

In a press conference, Congress leader Rahul Gandhi 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, and demanded a probe by the Joint Parliamentary Committee into what he described as a “criminal act”.