New Delhi, August 23: Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, reportedly sold her entire 7% stake in Nazara Technologies just days before the Online Gaming Bill was introduced and passed in the Parliament during the recently concluded Monsoon Session. Mahua Moitra slammed market regulator Securities and Exchange Board of India (SEBI) over the transaction and called it "Insider Trading".
According to reports, Rekha Jhunjhunwala offloaded 61.8 lakh shares worth ₹334 crore at an average price of ₹1,225 per share.
Mahua Moitra's Tweet
The sale has triggered a political storm after Trinamool Congress (TMC) MP Mahua Moitra reacted sharply to the development. Taking to he official account on X, she said, "This is insider trading. Pure & simple. In the US, SEC would do full investigation including subpoenas, phone & digital records. In India, Bhakts applaud while @SEBI_India sleeps. And no - I am not going to live in the US."
Why It Matters
Nazara Technologies is a popular listed company in the gaming and sports media sector. The timing of the stake sale, coming just ahead of a key Online Gaming Bill in Parliament, has raised serious questions over the transaction and its timing. Opposition MP Mahua Moitra has demanded a probe into whether the move was influenced by prior knowledge of upcoming regulatory changes.
In the United States, such cases fall under the Securities and Exchange Commission (SEC), which conducts thorough investigations. In India, the matter would come under the Securities and Exchange Board of India (SEBI). Mahua also took a dig at the leaders who ask people to shift to the countries abroad which they find better in any way. She jokingly said that she is not going to live in the US.
Netizens React
The internet users are also sharing the old pic of Prime Minister Narendra Modi meeting the Jhunjhunwala family. The incident dates back when Rakesh Jhunjhunwala met PM Modi wearing a wrinkled shirt.
Another user said, "Absolutely right @MahuaMoitra. This is a clear case of insider trading. In the US, SEC would’ve launched a full probe instantly. But here @SEBI_India sleeps while bhakts clap. Welcome to ‘Amrit Kaal’ — rules only for the common people, free pass for the powerful."
Meanwhile, the large transaction has also caught the attention of market watchers, given the Jhunjhunwala family’s strong presence in the Indian stock market.
