Congress Slams SEBI for Ignoring Stock Market Manipulation

The Congress party has criticized India's market regulator SEBI and the government for not safeguarding small investors from alleged manipulation by the US algorithm trading firm, Jane Street. This criticism emerged in a press conference led by Congress' social media chief, Supriya Shrinate.

Shrinate accused Jane Street of making massive illegal profits by manipulating the Indian stock market, particularly in Futures and Options, while SEBI reportedly remained inactive. This, she stated, has resulted in significant losses for ordinary investors. She further questioned SEBI's delayed response, which seemingly coincided with a spike in FII outflows, rather than protecting investors.

Highlighting warnings by Rahul Gandhi, the Congress emphasized that SEBI took substantial action only recently by banning Jane Street. The Congress insists that the extent of Jane Street's profits suggests deeper systemic failures under SEBI's oversight.

(With inputs from agencies.)