Plea in SC seeks Centre, SEBI to submit report into Jun 4 stock market crash
New Delhi, Jun 9: 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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
