Sensex loses 38 points
Mumbai: With the markets opening for the first time after the arrest of stock broker Ketan Parekh, the weak beginning was reinforced by a low close. The BSE sensex, which reached an intra-day low of 3,436.33 points, recovered slightly to close at 3,566.26 points, a loss of 38 points over its previous close.

The NSE Nifty also followed suit by losing only 10.10 points to close at 1,138.10, against its previous close of 1,148.20.

Ketan Parekh's favourite stocks, including some media stocks, continued their southward movement. HFCL and Global Tele were frozen at 16 per cent lower circuit at Rs 133.25 and Rs 135.70 respectively.
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Gelli denies any wrong doing
Mumbai: Even as the share price of Global Trust Bank reached its 52-week low, the bank’s chairman and managing director, Ramesh Gelli, rejected outright the findings of s Sebi inquiry linking him with fallen stock broker Ketan Parekh.

The Sebi report, which was recently submitted to the Reserve Bank of India, had clearly established a link that Ketan Parekh, through his front companies, was rigging the bank’s share price in the run up to the bank’s merger with UTI Bank.

Besides Gelli himself denying any involvement, the bank also issued a press release stating that it had not lent the stock broker any monies to play on the bank’s scrip.

Gelli pointed out to the fact that the bank’s share prices had, in fact, fallen during the six week period in which the negotiations with UTI Bank were on for the merger.
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Sinha reacts sharply to market crisis
New Delhi: In an interview given to the economic daily, Economic Times, the finance minister has expressed his "digust" over the way the stock market has been rigged and stated that those found guilty will not be spared.

While stating that he was not concerned so much with the market movements, as much with the integrity of the markets, the finance minister said he was determined to get to the root of the rot. In the process if the market moved violently, he will not be moved.

In the same interview he stated that he would assess the performance of the capital markets regulator, Securities and Exchanges Board of India (Sebi) only after he received the complete report on the rigging of the markets. He, however, made it clear that Sebi would be given more powers and revamped if necessary.

Reacting to a question on the future of the reforms process in the country, the minister replied that the current imbroglio brought about by the Tehelka expose and the stock market crisis, had made the government more resolved to implement the reform process to its logical conclusion.

Mr. Sinha also said that the government was confident of carrying out the proposed labour reforms. The suggestion to amend contract labour laws, in order to allow the practice of hiring personnel on limited tenures, had come from state governments, including those run by the Congress, he said. Therefore, he was hopeful of getting their support on this.
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Madhavpura bank chairman still missing
Gandhinagar: The CBI team which raided the business premises of Madhavpura Mercantile Co-operative Bank’s chairman, Mr. Ramesh Parikh, is yet to trace the chairman who is reportedly absconding.

The bank’s chairman Ramesh Parikh and chief executive D B Pandya are reportedly absconding after the RBI registered a complaint with CBI against them and other bank officials for their alleged involvement in the scam.

The Mumbai branch manager of the bank, Jagdish Pandya, was already arrested alongwith stock broker Ketan Parekh and remanded to CBI custody till April 9.
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