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RS members demand inquiry into market crash

Raising the issue during Zero Hour, SS Ahluwalia said that the market fall led to a loss of whopping Rs 2,25,000 crore.

india Updated: May 19, 2006 14:44 IST

Members of the Rajya Sabha on Friday demanded an inquiry into the 826-point collapse of the Sensex.

Raising the issue during Zero Hour, senior BJP member SS Ahluwalia said that the market fall led to a loss of whopping Rs 2,25,000 crore due to erosion of market capitalisation.

Serious cognisance should be taken of this point and an inquiry should be ordered, he said.

Ahluwalia felt that the crash was due to large speculative FII inflow into the stock market and this would have been checked if the recommendations of JPC on securities scam had been implemented.

He was joined by Dinesh Trivedi of theTrinamool Congress who said it was not a partisan issue and requested a CBI inquiry into the market crash.

Noting that Finance Minister P Chidambaram had described the market fall as a "manufactured crisis by the media", he asked whether the Finance Minister and CBDT were not responsible for digging out an old 1989 CBDT circular and releasing it to the press.

Matin Sarkar ofCPI(M) said that it was against national interests that Chidambaram assured that FIIs would not be taxed which indicated that the UPA was acting on the dictates and pressures from United States and multinationals.

First Published: May 19, 2006 14:44 IST