By IndianMasterminds Bureau

Former IAS officer E A S Sarma, who served as a Secretary in the Ministry of Finance between 1999 and 2000, has, in a letter to Economic Affairs Secretary Ajay Seth (1987 batch IAS officer), demanded an inquiry by the Enforcement Directorate (ED) into the June 4 stock market crash on the day of election results where Rs. 31 lakh crore of investors’ wealth evaporated into thin air.

Mr. Sarma wanted to know if market regulator SEBI took any action to calm the market or initiated an investigation to ascertain the reason behind sharp fluctuations in stock market movement on June 3 and 4.

He said, “It is disturbing that a combination of factors triggered a stock market surge on June 3, 2024, followed by a huge crash during the day that followed, wiping out the hard-earned savings invested in the market by small and marginal investors, allowing the bigger stockmarket sharks to profiteer at their cost. Even today, the stock market has not fully recovered."

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