Stock market crash: Pollster Pradeep Gupta open to probe

Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India's chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.

Opposition parties and several civil society groups have been asking for thorough investigations, including by capital markets regulator Securities and Exchange Board of India (SEBI) and a Joint Parliamentary Committee (JPC), after the stock markets witnessed a massive rally when exit polls gave a huge majority to the BJP but fell sharply after the actual results showed the ruling party falling short of a clear majority on its own.

In an interaction with PTI editors at the agency's headquarters here, Gupta said he has been demanding formulation of norms and regulations for pollsters since five years.

Gupta, the chairman and managing director of Axis My India that had predicted 361-401 seats for the BJP-led alliance as against the actual tally of 240 seats, also termed as "childish" the demands for banning exit polls, saying every single citizen and organisation wants to know the election results and banning exit polls would serve no purpose.

"We have no connection with stock market whatsoever but I am happy to know these allegations because our data and system is so foolproof that any probe will give me an opportunity to showcase all of that is used to predict exit polls to the world. In a way it is an opportunity for us, I support the demand as it will give us a chance to show our credentials," he said.

Asked about whether he is open to a probe by a JPC or SEBI, the pollster said, "I am open to facing all kind of investigations."

"As far as me deriving any benefit from stock market jump is concerned...Axis My India has no demat account. It is a limited company, not listed and till today not a single external investment is there in the company. There is no investment by promoters. My personal investment in stocks since April has been merely Rs 35,000. Where have I benefited?" he asserted.

The pollster also responded to allegations of Axis My India also conducting exit polls for foreign investors and sharing different results with them.   -- PTI