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. PTI