Financial Daily from THE HINDU group of publications
Thursday, Dec 18, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 18, 2003 |
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Regulatory Bodies & Rulings Markets - Economic Offences SEBI debars Ketan Parekh for 14 years Our Bureau
Mumbai, Dec. 17 THE Securities and Exchange Board of India has banished stockbroker Mr Ketan Parekh, his cousin, Mr Kartik Parekh, and their seven associate firms from the capital market for 14 years for alleged manipulation of share prices and fictitious trading. In an order dated December 12, Mr G.N. Bajpai, Chairman, SEBI, said, "The entities connected to and controlled by Ketan Parekh, if allowed to continue with their operations in the securities market, could pose constant threat to the integrity of the securities market and endanger the investors' interests. "Therefore, in exercise of the powers conferred upon me by Section 4(3) read with Section 11B and Section 11(4)(b) of the SEBI Act, 1992, and Regulation 11 read with Regulation 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, I hereby prohibit Ketan V. Parekh, Kartik K. Parekh, Classic Credit Ltd, Panther Fincap and Management Services Ltd, Luminant Investment Ltd, Chitrakut Computers Pvt Ltd, Saimangal Investrade Ltd, Classic Infin and Panther Investrade Ltd from buying, selling or dealing in securities in any manner directly or indirectly and also debar them from associating with the securities market, for a period of 14 years." The regulator's investigations revealed that `KP' entities or entities controlled by Mr Ketan Parekh indulged in certain manipulative activities such as synchronised trades, financing transactions that gave the semblance of purchase and sale of shares at the exchanges without actually taking place, circular trading and creation of artificial volume and benchmarking of the prices of certain stocks by executing non-genuine transactions, the order stated. It added that NH Securities and Classic Shares & Stock Broker Ltd indulged in manipulative transactions and other actions of violations. Enquiry has been conducted into the violations and statutory penalties would follow separately.
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