'Open to all kinds of investigations', says Axis My India chief Pradeep Gupta amid exit poll controversy on alleged stock market manipulation

NEW DELHI: Facing severe criticism from opposition parties over allegations that exit polls were used to manipulate the stock market, Axis My India's chief Pradeep Gupta expressed his openness to all kinds of investigations. He said proper regulations for pollsters could improve the industry. He also said the "2024 elections taught us lesson to never ignore any state."
Gupta’s comments come after opposition parties and civil society groups demanded thorough investigations, including by the Securities and Exchange Board of India (SEBI) and a Joint Parliamentary Committee (JPC).These calls followed a dramatic stock market rally driven by exit polls predicting a massive BJP victory, which sharply fell after the actual results revealed the ruling party did not secure a clear majority.
In an interaction with PTI editors, Gupta reiterated his long-standing demand for norms and regulations for pollsters. He dismissed calls for banning exit polls as "childish," saying that the public and organizations desire to know election outcomes, and such bans would be futile.
"We have no connection with the stock market whatsoever, but I welcome these allegations as they allow us to showcase the robustness of our data and prediction systems," Gupta said. He asserted that any investigation would affirm the credibility of their methods.
Gupta, chairman and managing director of Axis My India, highlighted that the company had forecasted 361-401 seats for the BJP-led alliance, contrasting with the actual tally of 240 seats. He claimed Axis My India has no vested interests in the stock market and no demat accounts, saying, "My personal investment in stocks since April has been merely Rs 35,000."
Responding to accusations of conducting exit polls for foreign investors, Gupta clarified, "We have never worked for any foreign investors or conducted exit polls for them."
He noted that 70% of Axis My India's clients are corporate entities, including the Bill & Melinda Gates Foundation, refuting any conflict of interest. Gupta argued that exit polls are crucial for political analysis, not just election outcomes.
"The demands for banning exit polls are childish. Exit polls are essential for political parties to analyze results," Gupta said. He emphasized that even if exit polls were banned, it would not impact their business significantly.
Gupta stressed the need for regulations to provide clarity and credibility. "For the past five years, I have been advocating for regulations. We face suspicion on the ground and need a law to guide our operations," he said.
Axis My India has conducted exit polls since 2013 and claims a success rate of predicting 61 out of 65 elections correctly. Addressing concerns about political party clients, Gupta disclosed that BJP was a client in the 2019 Haryana assembly elections, where they predicted a hung assembly accurately.
"Our predictions are even part of a Harvard Business School case study. We disclose client relationships where permitted, with nothing to hide," Gupta added.