BJP demands probe into stock market crash

New Delhi, May 19 (UNI) The opposition BJP today demanded a CBI probe into the stock market crash in which the investors allegedly lost about Rs 2,25,000 crore as the sensex plummeted by 826 points in two days.

Raising the issue during zero hour mentions, Mr S S Ahluwalia, BJP, said lack of transparency in the system and low rate of interest for bank depositors were forcing small investors to invest in the stock markets.

There were contradictory reports about the existence of Central Board of Direct Taxes and the Finance Minister was telling Foreign Institutional Investors that the CBDT circular was not applicable on them.

He wanted the probe to ascertain the truth behind the statement of the Finance Minister that the crash was due to 'manufactured manipulations'. He said there was no tangible reason for the sensex to skyrocket from 5,000 to 12,000 point level. "I don't know why this abnormal phenomenon occurred during the two years of UPA regime", he said.

Mr Dinesh Trivedi, Trinamool Congress, said it was not a party issue but concerned the dynamics of stock market. ''We should not be bothered as long as the dynamics was natural and not manufactured.

But Mr Chidambaram is on record saying that this was one such problem. We are worried about the poor people lured into the stock market system", he said.

Mr Majumdar, CPI-M, took exception to the statement that the CBDT circulars were not applicable to FIIs . These FIIs make profit in our country and our policies should not be dictated by the US based multi-nationals and it is against national interest, he said.

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