Name Ketan Parekh Role Stock broker | Spouse Mamta Parekh | |
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Similar People Harshad Mehta, Sucheta Dalal, Abdul Karim Telgi | ||
L2 p7 sensex calculation harshad mehta ketan parekh sharemarket scams explained
Ketan Parekh is a former stock broker from Mumbai, India, who was convicted in 2008, for involvement in the Indian stock market manipulation scam in late 1998-2001. Currently he has been debarred from trading in the Indian stock exchanges till 2017. He was a trainee of Harshad Mehta at GrowMore investments, a firm that Mehta had set up with capital.
Parekh is alleged to have been involved in circular trading throughout the time period and with a variety of companies, including Global Trust Bank and Madhavpura Mercantile Cooperative Bank.
Parekh's sole conviction, which carried a one-year sentence, came as a result of a transaction he conducted involving a unit of Canara Bank in 1992.
Though Parekh is currently barred from stock trading, in 2009, the Securities and Exchange Board of India alleged a variety of companies and other actors were trading on behalf of Parekh; 26 entities were banned from trading as a result of that investigation. In March 2014 he was convicted by a special CBI court in Mumbai for cheating and sentenced to two years rigorous imprisonment.