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Our Bureau

Mumbai, Jan. 13

SEBI has restrained Jermyn Capital LLC, a sub-account of FII Taib Bank, from trading in Indian securities market for its alleged involvement with Ketan Parekh.

The SEBI order said there are linkages between Jermyn Capital LLC, Jermyn Capital Partners Plc (Jermyn Plc) and Dharmesh Doshi and Ketan Parekh due to various commonalities. Mr Dharmesh Doshi is Executive Director with Jermyn and a co-accused in the Ketan Parekh scam.

The SEBI Whole-Time Member, Mr G. Anantharam, in an order said the restriction imposed on Jermyn LLC be continued, as it is not a `fit and proper person'.

SEBI had restrained Jermyn on LLC November 30, 2005 from accessing the Indian securities market. The ban came after SEBI found credible information which indicated that Jermyn LLC did not meet the criteria for `fit and proper person'.

According to SEBI, some of the commonalities are that Mr Dharmesh Doshi, Executive Director of Jermyn Capital, is a co-accused in the Ketan Parekh scam and a person against whom non-bailable warrant has been issued by an Indian court and red corner notice has been issued by the Interpol.

Jermyn Plc's earlier name was Triumph Securities UK Plc which was a 100 per cent subsidiary of Triumph International Finance, a Ketan Parekh related entity. Trading and investment in the shares of HFCL, a K-10 scrip, by Jermyn LLC indicates the commonality between the two.

However, Jermyn had denied the allegations made by SEBI. The submission made by Jermyn to the marker regulator said Mr Dharmesh Doshi manages key functions at Jermyn Plc and is not involved in anyway in the business of Jermyn LLC.

SEBI's order said despite being aware of the developments in India in relation to Mr Dharmesh Doshi, strangely the board of Jermyn Plc has expressed confidence in his integrity while continuing to retain him.

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