Top News

New Delhi, Jul 7 (PTI) The BJP on Monday accused Congress leader Rahul Gandhi of peddling fear and misinformation about the stock market, asserting that it has created wealth for lakhs of retail investors who have participated in it through mutual funds and IPOs.

BJP IT department head Amit Malviya's swipe at the Leader of Opposition in the Lok Sabha came after Gandhi attacked SEBI following the market regulator's action against the hedge fund Jane Street, which has been accused of manipulating the indices.

Gandhi said on X, "I clearly stated in 2024 -- the F&O market has become a playground for 'big players', and small investors' pockets are continuously being drained. Now, SEBI itself is admitting that Jane Street manipulated thousands of crores. Why did SEBI remain silent for so long?" He accused the Modi government of turning a blind eye to the revelation and wondered if there were more players rigging the market.

Hitting back, Malviya said the very action of SEBI banning a global entity, which Gandhi is trying to "sensationalise", is clear evidence that strong regulatory action is being taken to protect small investors.

If SEBI were silent, as Gandhi claims, then there would be no investigation, no ban, and no headline; his entire allegation collapses right there, Malviya said.

Second, Gandhi talks about "big sharks" but conveniently forgets that it is the Modi government's reforms that have empowered SEBI to be more transparent, vigilant, and independent than ever before.

He alleged, "Under Congress, scamsters had a free run -- Harshad Mehta, Ketan Parekh, and the UTI scam -- all happened under their watch while regulators looked away." The BJP leader said the Indian stock market has added USD 1 trillion in market capitalisation since March 2025, the highest gain among the world's top 10 markets, and Indian equities have outperformed every major emerging market over the last decade.

The mutual fund industry has grown 576 per cent in 10 years, with AUM (assets under management) rising from Rs 8 lakh crore to Rs 54 lakh crore. Investor participation has jumped from under 1 crore to over 4 crore unique investors, he added.

Attacking Gandhi, Malviya alleged, "Balakbudhhi (juvenile mind) is at it again, peddling fear and misinformation about the Indian stock market, all the while quietly growing his own portfolio in the background." He said, "SIP contributions have risen 4.5 times in just seven years. In the last four years alone, over Rs 3 lakh crore has been raised through IPOs, giving ordinary Indians greater access and opportunity." Since 2020, over 580 companies have launched IPOs, creating wealth for lakhs of retail investors, not just big sharks.

Slamming Gandhi, he said, "So, who is really making the rich richer? The only thing shrinking in this market is the Congress party's credibility. If Rahul Gandhi had even a basic understanding of how markets function, he would know that strong regulation, rising participation, and a democratized investment ecosystem are exactly what small investors need." But then, expecting economic literacy from someone whose only legacy is slogans and scams may be asking for too much, he added.

He said, "The only thing the Modi government is pushing to the brink is the Congress’ outdated, fear-based politics. India's markets are delivering prosperity to millions of new investors — no thanks to Rahul Gandhi and his negativity brigade." 

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)