Sebi debars Ketan Parekh and seven entities for 14 years
By Our Markets Bureau | 17 Dec 2003
Mumbai:
The Securities and Exchange Board of India has debarred
stock brokers Ketan Parekh and Kartik K Parekh and seven
of their entities from trading in the market for 14 years
after finding their involvement in the 2001 stock market
scam.
Both Ketan and Kartik along with their entities, Classic Credit, Panther Fincap and Management Services, Luminant Investments, Chitrakut Computers, Saimangal Investrade, Classic Infin and Panther Investrade have been prohibited from dealing in securities in any manner with immediate effect, Sebi said in a release today.
The action has been taken based on the findings of the investigations conducted in the wake of excessive volatility in the stock markets during mid-February and mid-March 2001, the release said.
The
order was passed on December 12 after giving them a hearing
by the chairman and it does not preclude action against
these individuals and entities in the future, it said.
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