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| SEBI didn't get specific info on unfair trading on poll results day: Minister | | |  Agencies
NEW DELHI, July 22: Capital markets regulator Sebi has not received any specific information on any 'unfair trading' in the stock market crash on the Lok Sabha poll results day on June 4, which wiped out billions of investors' wealth, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said stock market movements are a function of investor perceptions along with other factors. He was replying to a question whether it is a fact that there is an unprecedented fall in stock prices and points amounting to a loss of Rs 30 lakh crores to investors immediately after the general elections-2024 results. The minister was also asked if it is a fact there was a demand to investigate the matter by the Securities and Exchange Board of India. "Though SEBI has received representations on the above stock market movements, no specific information on any unfair trading has been provided," Mr Chaudhary said in his reply.
Benchmark BSE Sensex had shot up 3.4 per cent to settle at a new closing peak on June 3 after exit polls predicted a resounding BJP victory in general polls. However, a day later, equity markets witnessed a bloodbath with Sensex tanking 4,390 points or nearly 6 per cent. This was the worst single-day fall in four years.
"On 4th June 2024, the date of announcement of results of the general elections, Sensex and NIFTY-50 decreased by 5.7% and 5.9% respectively. The indices recovered within three days and have reached record levels since 4th June 2024, registering an increase of 12.9% and 13.3% respectively as on 18th July, 2024," Chaudhary said.
"The decrease of around Rs 30 lakh crore in market capitalisation of companies listed on NSE and BSE on June 4, 2024, was recovered within a period of five days and it has increased by around Rs 59 lakh crore since then as on July 18," Chaudhary added.
The Securities and Exchange Board of India (Sebi), as the statutory regulator of securities markets, is mandated to put in place regulatory and surveillance frameworks to effect stable operations and development of the securities markets. It conducts regular surveillance of trends in the securities markets to enhance market integrity and safeguard the interests of investors.
Any alleged violation of its regulations is investigated and based on the findings of the investigation, appropriate enforcement action is initiated by the markets regulator under the powers given by the Sebi Act, 1992.
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STOCK UPDATE |
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CRICKET UPDATE |
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