Thursday 26 May 2022
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Securities scam: Ketan Parekh sentenced to 3 years in jail

Special judge VC Barde also imposed a fine of Rs 10 lakh on Parekh and his relative Kartik

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Mumbai: A special court today convicted Ketan Parekh and his relative in a securities for violating the Act and sentenced them to three years in jail.

Special VC Barde also imposed a fine of Rs 10 lakh on Parekh and his relative Kartik. The court had found them and their company guilty of non-payment of penalty.

Karthik was later granted by the court.

According to the SEBI, it had found that the acquisition of shares of Shonkh Technologies International was made in violation of the Act. After this, an adjudication process was initiated and the presiding officer imposed a penalty of Rs 6,50,000 of them.

Later they filed an appeal in the Securities Appellate Tribunal however it was dismissed in 2007.

The accused had offered demand draft of part payment of a penalty as an installment but the adjudicating officer refused. The DD was not accepted as there is no provision for deferring payment of a penalty.

Later approached the special court. Even in the special court the accused prayed for compounding the offences but the court rejected it.

Ketan Parekh is a former stockbroker from Mumbai, who was convicted in 2008, for involvement in the Indian stock market manipulation that occurred from late 1998 to 2001. During this period, Parekh artificially rigged prices of certain chosen securities (informally referred to as K-10 stocks), using large sums of money borrowed from banks including the Madhavpura Mercantile Co-operative Bank which he was a Director of. As a result, he was barred from trading in the Indian stock exchanges till 2017.

PTI

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