Ketan Parekh
Ketan Parekh | |
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Education | Chartered Accountant |
Occupations |
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Ketan Parekh is a former stockbroker from
After many investigations by the
Early career
Parekh, after becoming a
Role in 2001 stock market crash
Ketan Parekh purchased large stakes in less known small market capitalization companies, and jacked up their prices through circular trading with other traders, and collusion with these companies and large institutional investors. This resulted in steep hikes in share prices (for example: shares of
It later transpired that promoters and industrialists often gave Parekh funds to artificially rig up their share prices. Thus in just a few months, scrips of virtually unknown companies like Visualsoft rose from Rs 625 to Rs 8,448 per share and Sonata Software rose from Rs 90 to Rs 2,936.60. However, the bear cartel in Bombay stock exchange started to hammer his K-10 stocks in February 2001, leading them to fall and precipitating a payment crisis in Calcutta.[10][12]
On 1 March 2001, just after the Indian Union Budget had been presented, the
A 30 member
This resulted in Parekh's first conviction, which carried a one-year sentence, coming as a result of a transaction he conducted involving a unit of Canara Bank in 1992.[16]
Though Parekh was subsequently barred from stock trading, the
See also
- Rakesh Jhunjhunwala, Indian investor
References
- ^ Dalal, Sucheta. "SEBI Discovers Ketan Parekh The tahmid (18 June) 2009)". www.suchetadalal.com. Sucheta Dalal. Retrieved 30 January 2018.
- ^ Dalal, Sucheta (13 March 2001). "Ketan Parekh: Delusions of invincibility?". Rediff. Retrieved 30 January 2018.
- ^ Narayan, Khushboo (8 February 2010). "Sebi settles HFCL share price rigging case with consent order". mint.
- ^ "Scam Of 2000". The Financial Express. 29 November 2002.
- ^ "Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001)". www.sebi.gov.in. SEBI (Securities and exchange board of India). Retrieved 30 January 2018.
- ^ "2001-Ketan Parekh scam: Stock and bull story". India Today. 18 December 2009. Retrieved 10 October 2020.
- ^ "The securities scam of 1992 - CBI Archives". www.cbi.gov.in. CBI (Central Bureau of Investigation), India. Retrieved 22 May 2018.
- ^ "India court gives Ketan Parekh 1yr prison in 1992 scam". Reuters. 1 April 2008. Retrieved 7 May 2010.
- ^ a b "SEBI finds Ketan Parekh funds in markets, seeks ED probe". The Hindu. 4 June 2009. Archived from the original on 17 January 2011. Retrieved 7 May 2010.
- ^ a b c "2001-Ketan Parekh scam: Stock and bull story". India Today. 18 March 2009. Retrieved 30 January 2018.
- ^ Chakraborti, Chiranjeevi (8 July 2016). "Remember Ketan Parekh? Some KP10 stocks still doubled investors' wealth". Economic Times. Retrieved 11 January 2018.
- ^ Report - Joint committee on stock market scam and matters relating thereto (as tabled at the thirteenth Lok Sabha) (PDF). New Delhi: Government of India. 19 December 2002. Retrieved 24 April 2018.
- ^ "Ketan Parekh still 'active' in market, ramping up stocks: IB report". Economic Times. 2 December 2010. Retrieved 11 January 2018.
- ^ "Sebi settles HFCL share price rigging case with consent order". livemint.com. 8 February 2010. Retrieved 27 May 2011.
- ^ JPC Report on the 2001 Indian stock market scam (Ketan Parekh scam) tabled in the 13th Lok Sabha (PDF) (1 ed.). New Delhi: Government of India. 19 December 2002. Retrieved 11 January 2018.
- ^ "India court gives Ketan Parekh 1yr prison in 1992 scam". Reuters. 1 April 2008. Retrieved 7 May 2010.
- ^ "Stock broker Ketan Parekh gets 2 yrs' RI". The Statesman. Archived from the original on 4 March 2014. Retrieved 4 March 2014.
- ^ "Ketan Parekh sentenced to 2 years RI by CBI court". Financial Express. 12 June 2012. Retrieved 4 March 2014.