Axis My India chief on alleged stock market manipulation through exit polls

New Delhi, Jun 22 (PTI) Amid opposition backlash over exit polls allegedly being used to manipulate the stock market, Axis My India chief Pradeep Gupta said he is open to any kind of investigation which would help in running the business much better economic if the government establishes detailed regulations for interviewers.

Opposition parties and several civil society groups have sought a thorough investigation, including by capital markets regulator SEBI and the Joint Parliamentary Committee (JPC), after equity markets witnessed a massive rally as exit polls gave a huge majority to the BJP, but sharply fell after actual results showed the ruling party failed to win a clear majority on its own.

Talking to PTI editors at the agency’s headquarters, Gupta said that he has been demanding the formulation of norms and regulations for pollsters for the last five years. Gupta, chairman and managing director of Axis My India, which had predicted 361-401 seats for the BJP-led alliance against the actual 240 seats, also termed as “childish” demands for a ban on exit polls, saying every citizen and organization wants to know the election results , and a ban on polls would make no sense.

“We have no affiliation with the exchange, but I’m glad to know about these allegations because our data and system are so reliable that each poll will give me a chance to present to the world everything that is used to predict exit polls. since this is an opportunity for us, I support the demand because it will give us a chance to demonstrate our credibility,” he said.

When asked if he was open to an investigation by the WKP or SEBI, the interviewer said, “I am open to any kind of investigation.”

“When it comes to reaping any benefits from the stock market surge… Axis My India does not have a demat account. It is a limited liability company, not listed on the stock exchange and to this day there is no external investment in it. There is no promoter investment. My personal stock investment since April has been just Rs 35,000. Where have I benefited?” – he assured.

The pollster also responded to allegations that Axis My India also conducts exit surveys for foreign investors and shares mixed results with them.

“We have never been approached by any FII, we have never worked for any foreign investor, we have never conducted any exit poll for them,” said Gupta, 55.

Calling demands to ban exit polls “childish”, Gupta said special regulations for pollsters will not only help us conduct business better but will also increase the credibility of exit polls. He also said that 70% of Axis My India’s clients are corporate clients, including high profile figures such as Bill Melinda Gates Foundation, and denied any conflict of interest in the exit poll results.

“First they called exit polls unscientific, now they want them banned. This is childish talk. Every citizen and every organization wants to know the election results, and banning polls would make no sense. Exit polls are not only meant to tell who wins and who loses, it also helps political parties analyze the results.

“For us, I mentioned that 70 percent of my clients are corporate clients. Even if they are banned, it will not affect our business. Regardless of the decision, I am in compliance with the law,” he added.

Asked whether the image damage caused by the 2024 poll results had also affected his corporate clients, Gupta said: “They give us business for the work we do for them, not based on how accurately we predict the election results.”

“For five years I have been running from pillar to post, looking for recipes. When our people come down to earth, they are viewed with suspicion. We must convince you that we are not sellers, fraudsters and are not sent by a political party. We are often asked who gave you permission? And we ask, where should we get permission? “We wrote to the Ministry of the Interior and were informed that there is no such law, we need a law first. From there we were directed to the Ministry of Information and Broadcasting to register and set up a mobile phone. “We were told that you will publish the survey, but who will monitor who is right and who is wrong… Nothing has changed, but I firmly believe that we need regulation,” he said.

Axis My India has been conducting exit polls since 2013, after Gupta returned from Harvard Business School, and claims to have correctly predicted 61 of 65 elections.

When asked why Axis My India does not disclose that some political parties are also its clients, Gupta replied, “In the 2019 Haryana assembly elections, one of our clients was the BJP and in the exit polls, we predicted a hung assembly, what was a bang.

“The forecast is even part of the Harvard Business School case study and includes disclosure. Wherever a customer agrees to disclose information, there is nothing to hide,” Gupta added. PTI GJS BJ ANB ANB