Mumbai: Market regulator SEBI on Monday barred stock broker Ketan Parekh from dealing in securities till December 2017 for master-minding an equities scam during 1999-2001.
Parekh and 17 other entities directly or indirectly associated or related to him were found to be involved in market manipulation of as many as nine stocks, SEBI said in its order.
This was revealed after a SEBI probe into purchase, sale and dealings in the shares of Himachal Futuristic Communications Ltd, Zee Telefilms, Adani Exports, Global Tele Systems, Ranbaxy, Shri Adhikari Brothers TV Network, Shonkh Technologies International, Padmini Technologies and Aftek Infosys between October 1999 to March 2001.
Commenting on the role of Parekh and associates in the scam, the order said: "The modus operandi adopted by all the above mentioned entities in manipulating various scrips was, by and large, the same and Ketan Parekh was found to be the mastermind behind all the acts of omission or commissions by these entities."
The SEBI order further said that it was restraining Ketan Parekh and his 10 associates — brother Kartik K Parekh and firms Classic Credit, Panther Fincap and Management Services, Luminant Investment, Chitrakut Computers, Saimangal Investrade, Classic Infin, Panther Investrade, Goldfish Computers, and Nakshatra Software from "accessing securities market and also prohibiting them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever, directly or indirectly, for 14 years."
However, the order against Parekh and his eight associates would be effective from December 12, 2003.
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