Rahul Gandhi’s Stock Market Claims challenged by BJP’s Response

The Bharatiya Janata Party (BJP) has accused Rahul Gandhi, a leader of the Congress party, of spreading fear and false information regarding the stock market. The BJP emphasized that the stock market has been beneficial for countless retail investors who have engaged in it through mutual funds and initial public offerings (IPOs).

Amit Malviya, the head of the BJP’s IT department, criticized Gandhi for his comments after SEBI took action against the hedge fund Jane Street for allegedly manipulating indices.
Gandhi expressed his concern, stating, “There is clear evidence that ‘big players’ dominate the F&O market, while small investors continue to suffer losses. SEBI’s recent actions against Jane Street confirm that wrongdoing has occurred on a large scale. Why did SEBI wait until now to act?”

In response, Malviya defended SEBI’s actions, stating that the ban on Jane Street demonstrates the regulator’s commitment to protecting small investors. He argued that if SEBI had indeed remained silent, there would be no investigation or ban, undermining Gandhi’s claims.

Furthermore, Malviya highlighted the Modi government’s efforts to strengthen SEBI’s regulatory powers, making it more transparent, vigilant, and independent. He criticized the Congress party for allowing scams like those orchestrated by Harshad Mehta, Ketan Parekh, and the UTI scandal to occur under their leadership.

Malviya pointed out the significant growth of the Indian stock market, which has added USD 1 trillion in market capitalization since March 2025, surpassing other major emerging markets. He mentioned the substantial growth of the mutual fund industry, with assets under management increasing from Rs 8 lakh crore to Rs 54 lakh crore over ten years.

Malviya accused Gandhi of spreading misinformation about the stock market, alleging that despite his criticism, Gandhi has been quietly expanding his own investment portfolio. He highlighted the rise in Systematic Investment Plan (SIP) contributions and the significant funds raised through IPOs, which have provided greater opportunities for ordinary Indians to invest.

Over 580 companies have launched IPOs since 2020, resulting in wealth creation for numerous retail investors rather than benefiting only a few large investors. Malviya criticized Gandhi for his lack of understanding of market dynamics, stating that stringent regulations, increased participation, and a more inclusive investment environment are crucial for small investors.

He concluded by suggesting that expecting economic literacy from someone like Gandhi, whose legacy is marred by slogans and scandals, may be unrealistic. Malviya asserted that India’s markets are thriving despite Gandhi’s negative rhetoric, delivering prosperity to millions of new investors without much help from him.