Ketan Parekh
Encyclopedia
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 1999-2001. Currently he has been debarred from trading in the Indian stock exchanges till 2017.
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 Co-operative 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.
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, who was convicted in 2008, for involvement in the Indian stock market manipulation scam in late 1999-2001. Currently he has been debarred from trading in the Indian stock exchanges till 2017.
Parekh is alleged to have been involved in circular trading throughout the time period and with a variety of companies, including Global Trust Bank
Global Trust Bank
Global Trust Bank is a commercial bank in Uganda which started operations in 2008. Its headquarters are located in a five-storey building on Kampala Road in the center of Uganda’s capital, Kampala.-Ownership:...
and Madhavpura Mercantile Co-operative 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
Canara Bank
Canara Bank is a state-owned financial services company in India. It was established in 1906, making it one of the oldest banks in the country. As on 2009 November, the bank had a network of 3057 branches, spread across India...
in 1992.
Though Parekh is currently barred from stock trading, in 2009, the Securities and Exchange Board of India
Securities and Exchange Board of India
The Securities and Exchange Board of India is the regulator for the securities market in India.-History:It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament...
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.