13-year-old writes to President Kovind, demands probe into UP Stock exchange shut down

Sarthak Tripathi from Uttar Pradesh's Yashodanagar has penned a letter to President Ram Nath Kovind to probe into the sacking of several employees, including his father Satyavijay, who was sacked after Uttar Pradesh Regional Stock Exchange was shut in 2014.

"My father (Satyavijay) used to work in UP Stock Exchange, Kanpur. My father and his fellow employees were sacked by some crooked and corrupt people after it was closed down," the 13-year-old boy wrote in a letter to President Kovind.

Adding further to his statement Sarthak said, "My father complained to many but no one listened to him."

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Satyavijay and other employees became unemployed in 2014

The letter comes after Sarthak's father Satyavijay and multiple sacked employees appealed the authorities to carry out a probe over the shut down of the regional stock exchange for incurring huge losses.

"Back in 2014, some prominent names in the exchange outed us through illegal means. We have already written a letter in this matter to Prime Minister Narendra Modi and President Ram Nath Kovind but no action has been taken yet," Satyavijay alleged.

The 13-year-old also stated that his father can no longer afford to pay his school fees and to pay for their household groceries. In his letter to the President, Srathak has termed the closure of the Uttar Pradesh Stock Exchange as 'unceremonious,' and has asked President Ram Nath Kovind to take cognizance of the issue, calling for a probe into the whole matter.

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About the Uttar Pradesh Stock Exchange 

Inaugurated on August 27, 1982, by then Finance Minister Pranab Mukherjee, the Uttar Pradesh Stock Exchange eventually lagged in the fast pacing race of technology to its more successful siblings Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Before its shutdown in 2014, no trading had taken place on its platform. The formal closure came after the exchange could not meet the stipulation set by the Securities and Exchange Board of India (SEBI) for the regional stock exchanges in the country about the net worth of Rs 100 crore and turnover of Rs 1,000 crore. Uttar Pradesh Stock Exchange was the only stock exchange in Uttar Pradesh. The Stock Exchange had over 600 companies registered.

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(With inputs from ANI)