The Supreme Court had said that the Centre and SEBI should constructively consider the suggestions of the expert committee and take necessary action to strengthen the regulatory framework, protect investors and ensure orderly functioning of the securities market.
The petition said that after the announcement of exit polls regarding the results of Lok Sabha elections 2024, the stock market rose, but when the actual results were announced, the market fell.
“Volatility has re-emerged in the stock market. As per news reports, losses amounting to Rs 20 lakh crore have been reported. This has again raised questions on the regulatory mechanism… despite the court's direction, nothing has changed,” it said.
Last Monday, the BSE Sensex rose 2,507 points or 3.4 per cent to close at 76,469 after exit polls predicted a landslide victory for the BJP. However, a day later on Tuesday, the stock markets witnessed a massive fall and the Sensex fell 4,390 points or six per cent to close at 72,079. This was the biggest single-day fall in the last four years.
The main opposition party Congress has also raised the issue of the massive fall in the stock market on June 4 and has demanded a joint parliamentary committee probe into it. Rahul Gandhi held a press conference and called it a 'scam' and attacked PM Modi and Home Minister Amit Shah.
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