On Thursday, Congress leader Rahul Gandhi called for a joint parliamentary committee (JPC) investigation into what he described as the ‘biggest stock market scam’. Gandhi questioned the involvement of the Prime Minister and the Union Home Minister in providing specific investment advice to retail investors.
“Why did the PM and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group, which is also under SEBI investigation for manipulating stock?” Gandhi asked during a press briefing.
He further added, “What is the connection between the BJP, the fake exit pollsters, and the dubious foreign investors who invested one day before the exit polls were announced and made a huge profit at the cost of five crore salaried individuals?”
Gandhi emphasized the need for a JPC investigation, expressing strong suspicion of a scam. “We are convinced that this is a scam. Somebody has made thousands of crores of rupees at the cost of Indian retail investors, and the Prime Minister and the Union Home Minister have given an indication to buy. So we demand today a joint parliamentary committee to investigate this,” he was quoted by ANI as saying.
The controversy stems from comments made by Prime Minister Narendra Modi and Union Home Minister Amit Shah in May. On May 23, Modi predicted a surge in the stock market following the Lok Sabha election results, stating, “I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”
Similarly, on May 13, Shah advised against directly linking stock market movements to the ongoing elections and suggested, “The market has nosedived in the past as well. So one should not link it directly to elections. Anyway, some rumors may have fueled it (the fall). In my opinion, buy before June 4. The market is going to shoot-up.”
Gandhi alleged that both leaders, with access to election results data, improperly advised retail investors to buy stocks. “This is a broader issue than just the Adani issue. It is connected to the Adani issue, but this is much broader. This involves the Prime Minister and the Union Home Minister, who are privy to election result data and IB reports, advising retail investors to buy stock,” he stated.
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