NCP demands CBI probe into Nifty 'flash crash'

NCP demands CBI probe into Nifty 'flash crash'

MUMBAI: 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.