Axis My India Chairman and Managing Director Pradeep Gupta has revealed that he is open to face any probe into allegations of stock market manipulation in connection with the recent Lok Sabha exit polls.
His remarks came amid widespread call by Opposition parties and others to investigate any alleged irregularities in connection with the June 1 exit poll results, which predicted a landslide victory for the NDA coalition. When the market opened on the following Monday, the stock market indices reached their lifetime high, riding on the prospects of a stable government which is likely to continue the existing policies.
However, when the actual results were revealed on the counting day on June 4, the ruling party failed to garner a clear majority, causing the market to crash. This prompted the Opposition to call for investigations by SEBI as well as a Joint Parliamentary Committee.
Talking to news agency PTI, Gupta, whose Axis My India forecast 361-401 seats for NDA, said he has been seeking regulations for pollsters for five years, adding that specific regulations for pollsters will help them do business better and add more credibility to the polls.
“When our people go on ground, they are seen with a suspicious mindset. We have to convince that we are not salespersons, we aren't frauds and we are not sent by a political party. We are often asked who gave you permission? And we ask please tell where we need to take permission?” he said.
"We wrote to the home ministry, we were guided to the law ministry that there is no law so first we need a law. From there we were referred to the information and broadcasting ministry that you get yourself registered there and set up a cell. We were told that you will publish a survey but who will monitor who is right and wrong... nothing has moved but I strongly believe that we need regulations," he added.
Dismissing the demands to ban exit polls as “childish”, Gupta added, "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.
"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 asked.
Denying allegations of Axis My India conducting exit polls for foreign investors and sharing different results with them, Gupta told the news agency, "We have never been approached by any FII, neither we have worked for any foreign investors, we have not conducted any exit poll survey for them ever.”
Gupta claimed that Axis My India's 70 per cent clients are corporate clients including bigwigs like Bill Melinda Gates foundation and denied any conflict of interest with exit polls. "As far as we are concerned, I mentioned 70 per cent of my clients are corporate clients. Even if they are banned, it won't impact our business. I am with the law whatever is decided," he added.
When asked if the inaccuracy of 2024 exit polls has impacted his corporate clients, Gupta said, "They give us business for the work we do for them and not on basis of how rightly we predict election results".
