Ketan Parekh, associates banned for 10 more years

The Securities and Exchange Board of India (Sebi) today barred rogue trader Ketan V Parekh and 10 of his associates, who were instrumental in the stock scam of 1999-2001, from accessing the stock market – directly and indirectly – for another 10 years.

Sebi, in an order today, said it was banning Ketan Parekh and associates for a total of 14 years, effective from December 12, 2003.

This means the the ban is for another 10 years as Sebi's order states that its order of December 12, 2003 (debarring them from securities market), will run concurrently, and shall be deemed to be effective from that date.

The 10 associates are his 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 Nakashtra Software.

Ketan Parekh and his associates were found manipulating the share prices of Himachal Futuristic Communications, Zee Telefilms, Adani Exports, Global Tele-Systems, Ranbaxy Laboratories, Shri Adhikari Brothers Television Network, Shonkh Technologies International, Padmini Technologies and Aftek Infosys during the period October 1999 to March 2001.

“Ketan Parekh was found to be the master mind behind all acts of omission or commission by these entities, the order by TC Nair, whole time member," SEBI, said.