Supreme Court Plea For Media House Releasing Exit Polls, Crashing Market

A petitioner has urged the Supreme Court to investigate media houses. This is due to their broadcasting of exit polls immediately after the final phase of the Lok Sabha elections. The petitioner alleges that these broadcasts influenced investors. Which caused  loss of Rs 31 lakh crore when the stock market crashed following the results announcement on June 4.

Media houses began discussing exit polls right after the last phase of the election concluded on June 1. Persuading common investors to invest in the stock market until it opened on June 3 (Monday). Which caused an unexpected surge in the market.

On June 4, the day of the vote count, the stock market plummeted. With a significant loss for common investors, as stated by advocate BL Jain, who filed the plea. The petition, submitted through advocate Varun Thakur, claimed that the amount of Rs 31 lakh crore loss would impact the Indian economy and India’s global reputation.

The petition argued that any news, debate, or program broadcast should not appear biased or prejudiced in favor of or against any political party.

The petitioner contended that exit polls and predictions violate section 126A of the Representation of People Act, 1951. The guidelines issued by the Election Commission of India on April 2, 2024. The petition emphasized the need for the government to strictly protect robust exit polls and public debates.

The petition called for a CBI, ED, CBDT, SEBI, and SFIO investigation into several media entities, including Axis My India, India Today Media Plex, Times Now, Independent News Service Private Ltd. (India TV), ABP News Pvt Ltd., Republic Media Network, News National Network Pvt Ltd., TV9 Bharatvarsh, and NDTV.

It stated that the Representation of People Act, 1951, aimed to ensure free and fair elections and regulate the election process. However, through exit polls, media houses, in collusion with corporate houses, began manipulating election results. Undermining the concept of free and fair elections in a democracy and interfering with the rule of law.