“Is it their job to give investment advice?”: Rahul Gandhi Calls for JPC Probe into Modi-Shah’s Role in Alleged Stock Market Scam; BJP Dismisses Claims, Calls Allegations Baseless

Congress leader Rahul Gandhi has called for a joint parliamentary committee investigation into what he claims is the "biggest stock market scam." Addressing the media on Thursday, Gandhi questioned the involvement of Prime Minister Narendra Modi and Union Home Minister Amit Shah in providing investment advice to millions of families investing in the stock market. He highlighted the coincidence of both leaders' interviews being conducted by the same media outlet owned by a group currently under investigation by SEBI for alleged stock manipulation. BJP MP Piyush Goyal was quick to hit back, calling Rahul Gandhi’s allegations baseless.

“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?” questioned Rahul Gandhi.

The senior Congress leader also raised concerns about the timing of certain investments made by foreign entities just before the announcement of exit poll results, suggesting a possible connection to the BJP and purportedly fake exit pollsters. He emphasized the need for a thorough investigation into what he termed a scam, alleging that substantial profits were made at the expense of Indian retail investors, with indications allegedly provided by the Prime Minister and Union Home Minister.

The demand for a JPC stems from Gandhi's assertion that Modi and Shah, having access to privileged information such as actual election results and intelligence bureau (IB) reports, may have influenced stock market movements by advising investors. He characterized the issue as broader than just the Adani controversy, pointing to a significant departure from past practices where the Prime Minister refrained from commenting on stock market trends. "This is directly the Prime Minister, the Union Home Minister, who is privy to data on actual election results, who has IB reports, who have their own data, who are advising retail investors to buy stock," Gandhi stated. He further suggested that Modi's repeated assertions about the stock market's imminent surge, coupled with his purported access to insider information, indicated a manipulation of public perception regarding market trends.

In response to Congress MP Rahul Gandhi's call for a probe into the June 4 market crash, BJP MP Piyush Goyal from Mumbai North Lok Sabha constituency countered the allegations, labeling them as 'baseless' and accusing Gandhi of plotting a conspiracy. He dismissed Gandhi's demand for a JPC probe, dismissing it as unfounded and criticizing Gandhi for what he deemed as futile remarks. He asserted that Gandhi's claims were aimed at misleading investors following the Opposition's electoral defeat.

"I think Rahul Gandhi should be concerned about the fear of investors as the market crashed when the Congress was doing better than expected. Now, people are confident that the Modi government is coming back, and the market has stabilized and is reclaiming its previous highs," said the BJP MP. Goyal also stated that the figure of ₹30 lakh crore mentioned by Gandhi represented a notional amount and wasn't reflective of actual trading.

Characterizing Gandhi's understanding of the situation as lacking, Goyal suggested that the Indian populace lacked trust in him. He pointed to the significant rise in the stock market during the BJP government's tenure, implying that retail and domestic investors had greatly benefited under their administration.

Regarding the market's reaction to the Lok Sabha poll results, Goyal remarked that the trading value on June 4 was approximately ₹6,840 crore, noting a decline coinciding with indications of the Congress gaining seats. Responding to queries about statements made by Prime Minister Modi and Amit Shah regarding the stock market, Goyal argued that such assertions were common among political parties, including the Congress.​