TMC MP demands SEBI inquiry for ‘stock market manipulation’ by PM Modi & Shah

TMC MP demands SEBI inquiry for ‘stock market manipulation’ by PM Modi & Shah

Kolkata: Trinamool Congress (TMC) Rajya Sabha member Sakhet Gokhale has written another letter to the Securities and Exchange Board of India (SEBI), seeking a probe into alleged stock market manipulation by senior BJP leaders.

Gokhale, in his letter, wrote that he intends to file a case against two individuals namely Prime Minister Narendra Modi and Union Home Minister Amit Shah “for providing unsolicited investment advice on live television & for violation of the SEBI (Investment Advisers) Regulations, 2013 which led to a loss of over 30 lakh crores for Indian investors.”

He wrote: “In May 2024, during the course of the conduct of General Elections to the Lok Sabha, the aforementioned 2 individuals gave television interviews as part of their political campaigning. During these (separate) interviews, both individuals asked people to “buy stocks” before 4th June. During the interview, Sh Narendra Modi said: “You will see that within one week after June 4, the day election results are to be declared, market participants will get tired,” while asking people to invest in the stock market. Similarly, Sh Amit Shah said: “You can buy before June 4, it (the market) will shoot up.”

Gokhale reasoned that under SEBI rules, only registered investment advisors are allowed to provide investment advice to the public. He said that neither Modi nor Shah are investment advisors. “Further, these statements were made in their capacity as Prime Minister and Home Minister of India, respectively. It is natural that when 2 such powerful individuals proffer investment advice, investors are likely to take it with a lot of credibility and assurance,” he wrote.

He requested SEBI to initiate an enquiry against Narendra Modi and Amit Shah “for dispensing investment advice on live TV without having the credentials for doing so and, thus, violating the SEBI (Investment Advisers) Regulations, 2013”. Additionally, he demanded that an investigation be launched to determine whether Modi and Shah, or any entities connected with them made any substantial profits or gains between June 3, 2024, to June 10 2024.

“I have filed a second complaint with SEBI regarding stock market manipulation, specifically demanding an investigation into statements made by Prime Minister Narendra Modi and Home Minister Amit Shah asking people to invest in stocks, hinting at election results. These statements by Modi & Shah constitute illegal investment advice under the SEBI (Investment Advisers) Regulations, 2013,” he posted on X.

Earlier, Congress leader Rahul Gandhi said that after the ‘fake’ exit polls, stock markets rose, and then crashed on June 4 and called it the ‘biggest stock market scam’. He has demanded a Joint Parliamentary Committee (JPC) probe into the rise and fall in stock market numbers.

Next Story
Share it