Ketan Parekh

Ketan Parekh is a former stock broker from Mumbai, India, who was convicted in 2008, for involvement in the Indian stock market manipulation scam in late 1999-2001. Currently he has been debarred from trading in the Indian stock exchanges till 2017. He was a trainee of Harshad Mehta at GrowMore investments, a firm that Mehta had set up with capital from P.Chidambaram.[1][2]

Parekh is alleged to have been involved in circular trading throughout the time period and with a variety of companies, including Global Trust Bank and Madhavpura Mercantile Cooperative Bank.[3]

Parekh's sole conviction, which carried a one-year sentence, came as a result of a transaction he conducted involving a unit of Canara Bank in 1992.[1]

Though Parekh is currently barred from stock trading, in 2009, the Securities and Exchange Board of India alleged a variety of companies and other actors were trading on behalf of Parekh; 26 entities were banned from trading as a result of that investigation.[2] In March 2014 he was convicted by a special CBI court in Mumbai for cheating and sentenced to two years rigorous imprisonment.[4][5]

Also See

References

  1. 1 2 "India court gives Ketan Parekh 1yr prison in 1992 scam". Reuters. 1 April 2008. Retrieved 7 May 2010.
  2. 1 2 "SEBI finds Ketan Parekh funds in markets, seeks ED probe". The Hindu. 4 June 2009. Retrieved 7 May 2010.
  3. ↑ "Sebi settles HFCL share price rigging case with consent order". livemint.com. 8 February 2010. Retrieved 27 May 2011.
  4. ↑ "Stock broker Ketan Parekh gets 2 yrs' RI". The Statesman. Retrieved 2014-03-04.
  5. ↑ "Ketan Parekh sentenced to 2 years RI by CBI court". Financial Express. 2012-06-12. Retrieved 2014-03-04.
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