Rahul Gandhi, the Indian National Congress leader, has made serious claims about what he calls the ‘largest stock market swindle’. He has urged that a joint parliamentary committee (JPC) conduct a comprehensive probe into the situation.
Questioning the Government’s Role
During a press conference, Gandhi questioned the Prime Minister and the Union Home Minister’s roles in providing particular investment advice to millions of families investing in the stock market. He voiced concern about their involvement in things beyond their jurisdiction. Gandhi also questioned the timing of certain comments given to media channels owned by business groupings under SEBI investigation for stock manipulation. He also questioned the relationship between the ruling party, fraudulent exit pollsters, and foreign businessmen who gained heavily immediately before the exit poll results were announced.
Demand for Investigation
Rahul Gandhi emphasized the importance of the situation, insisting on the formation of a joint parliamentary committee to thoroughly probe the alleged scandal. He was confident that such an inquiry would reveal the truth about the discrepancies and potential malfeasance.
Prime Minister’s Statements and Allegations
Gandhi referred to Prime Minister Narendra Modi’s speech on May 23, in which he projected a stock market spike following the Lok Sabha election results. Gandhi questioned the timing and substance of these pronouncements, implying a relationship between government officials’ comments and market movements.
Union Home Minister’s Remarks
Furthermore, Gandhi cited remarks made by Union Home Minister Amit Shah on May 13, in which Shah recommended investors buy stocks before a specific date. He questioned whether such pronouncements influenced market behavior and helped certain groups at the expense of average investors.
Allegations of Insider Trading
Gandhi said that the administration had insider knowledge of election results, which allowed them to provide investment recommendations based on confidential information. He accused government officials of exploiting their access to sensitive data to influence market sentiment for personal or political benefit.
Broader Implications and Concerns
The Congress leader emphasized that the issue extended beyond mere financial misconduct, suggesting broader implications for governance and accountability. He warned against dismissing the matter as a minor incident, highlighting the potential ramifications for market integrity and public trust in democratic institutions.
Response from Authorities
While the government has not yet responded directly to Gandhi’s allegations, it has previously defended its statements as routine market analysis rather than specific investment advice. Officials have downplayed concerns over market volatility, attributing fluctuations to external factors rather than political interventions
Public Demand for Transparency
Given the seriousness of the allegations and the potential impact on investor confidence, there is a growing public demand for a transparent and impartial investigation into the matter. Many believe that only a thorough examination by a joint parliamentary committee can uncover the truth and restore trust in the integrity of the financial markets.
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