NCP demands CBI probe into Nifty `flash crash`
Mumbai: The Nationalist Congress Party (NCP) on Saturday demanded a CBI probe into the 900-point `flash crash` of National Stock Exchange (NSE) index Nifty, which had halted trade on the exchange for about 15 minutes.
NCP spokesperson Nawab Malik said a CBI probe was necessary to find out the "conspiracy" behind the incident.
"This was a conspiracy to destabilise the economy which was looking good after the Centre`s reform measures. Small investors have been looted and the need of the hour is to go into the root cause of the conspiracy," NCP spokesman Nawab Malik said.
A huge 900-point `flash crash` in stock benchmark NSE Nifty on Friday morning caused panic in market, prompting regulator SEBI to begin a probe into the incident, which briefly erased about Rs 10 lakh crore in market wealth.
The incident occurred on a day when expectations were high for an upward rally on bourses, following some big-ticket reform measures approved by the government on Thursday evening, including on FDI in sectors like insurance and pension.
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