Concerned over the sharp crash in the stock market, industry chamber Assocham on Monday sought a probe by the Reserve Bank of India and Securities and Exchange Board of India into the cataclysmic fall.
"The regulators should probe whether there is any international bear cartel out to destabilise our financial system," Assocham president Anil Agarwal said in a statement.
The chamber also asked Sebi and RBI to be on alert particularly with operations of the hedge fund.
The Sensex's rise and fall: Coverage
Agarwal expressed concern over the erratic behaviour of the FIIs and hedge funds, which had till now shown confidence in the growing Indian economy.
CII did not comment on the unprecedented fall at the bourses, which lost 1111.70 points.
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