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July 22, 2024 10:08 PM

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No Evidence of ‘Unfair Trading’ in June 4 Stock Price Drop: MoS Pankaj Chaudhary

Union Minister of State for Finance Pankaj Chaudhary has said that the Security and Exchange Board of India, SEBI  which is the statutory regulator of the securities market has not received any specific information on any ‘unfair trading’ in connection with the fall of stock prices on 4th of June this year. In a written reply to the Lok Sabha, Mr  Chaudhary informed that the decrease of around 30 lakh crore rupees in market capitalisation of companies listed on NSE and BSE on 4th June, the day of results of Lok Sabha polls,  was recovered within a period of five days. He said it has increased by around 59 lakh crore rupees since then as of the 18th of this month. The Minister also said that stock market movements are a function of investor perceptions along with other factors including global economic scenarios affecting foreign capital flows, domestic macro-economic parameters and overall corporate performance. He added that ‘SEBI is mandated to put in place regulatory and surveillance frameworks for effecting stable operations and development of the securities markets. It conducts regular surveillance of trends in the securities markets to enhance market integrity and safeguard interests of investors.