Plea in SC seeks Centre, SEBI to submit report in Jun 4 stock market crash


PTI, Jun 9, 2024, 5:34 PM IST

Representative image (source: PTI)

A plea has been filed in the Supreme Court, seeking directions to the Centre and the Securities and Exchange Board of India (SEBI) to submit a detailed report into the stock market crash on the day of election results on June 4, when investors lost billions of rupees.

The plea, filed by advocate Vishal Tiwari, also sought direction to the government and the SEBI to submit a status report on the orders given on January 3 for considering the suggestion of the expert committee, headed by Justice A M Sapre, made in its report on the PIL in Adani-Hindenburg matter.

The top court had said the Centre and the SEBI should constructively consider the suggestions of the expert committee and take any further action necessary to strengthen the regulatory framework, protect investors and ensure the orderly functioning of the securities market.

“It is said that after announcements of exit polls in respect to the Lok Sabha 2024 results, the share market went high, but when the actual results were announced the market crashed,” the plea said.

“Stock market volatility again emerged. As per news reports, the loss was Rs 20 lakh crore. This again has raised question mark on the regulatory mechanism… despite this court’s direction, nothing has changed,” the petition said.

Following the exit poll prediction of a resounding BJP victory, BSE benchmark Sensex shot up on Monday by 2,507 points or 3.4 percent to settle at a new closing peak of 76,469.

However, a day later on Tuesday, the equity markets witnessed a bloodbath, with the Sensex tanking 4,390 points or 6 percent to settle at 72,079. This was the worst single-day fall in four years.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Gundlupet: Male leopard trapped in Bandipur buffer zone

Nagaland: Congress returns to spotlight after two decades, civic polls held after 20 years

Uttar Pradesh: Vehicle rams into ambulance carrying bodies of suspected Khalistani terrorists

Case filed in Pilibhit over Pannun threatening violence at Maha Kumbh

Vajpayee architect of India’s transition into 21st century: PM Modi

‘Basappa’ the bull embarks on pilgrimage to Sabarimala!

Belekeri Mining Case: High Court stays sentence against Congress MLA Satish Sail

Related Articles More

Nagaland: Congress returns to spotlight after two decades, civic polls held after 20 years

Uttar Pradesh: Vehicle rams into ambulance carrying bodies of suspected Khalistani terrorists

Case filed in Pilibhit over Pannun threatening violence at Maha Kumbh

Vajpayee architect of India’s transition into 21st century: PM Modi

‘Basappa’ the bull embarks on pilgrimage to Sabarimala!

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Gundlupet: Male leopard trapped in Bandipur buffer zone

Nagaland: Congress returns to spotlight after two decades, civic polls held after 20 years

Uttar Pradesh: Vehicle rams into ambulance carrying bodies of suspected Khalistani terrorists

Case filed in Pilibhit over Pannun threatening violence at Maha Kumbh

Vajpayee architect of India’s transition into 21st century: PM Modi

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.