Wikipedia describes Ketan Parekh as 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.Ketan Parekh is alleged to have been involved in one of India’s biggest stock market scams that took place between 1999 and 2001. He was arrested in March 2001 and is currently barred from trading till 2017. Ketan Parekh was alleged to have been involved in circular trading – fraudulent trading scheme where buy/sell orders are entered by a person or by persons acting in collusion with each other to operate the price of the underlying security for mutual benefit.
Unlike Harshad Mehta, Ketan Parekh did not purely use public money but instead promoters of these companies themselves provided him capital to raise the price of their company’s stock. Also, Ketan Parekh used his contacts at Global Trust Bank and Madhavpura Mercantile Co-operative Bank to access funds for market manipulation.
Ketan parekh K-10 stocks
He was involved in driving the prices of 10 stocks. These included- (i) Global Telesystems, (ii) Zee Telefilms, (iii) HFCL, (iv) Silverline, (v) Satyam Computers, (vi) Aftek Infosys, (vii) DSQ Software, (viii) Ranbaxy, (ix) Pentamedia Graphics and (x) Visual Soft.His modus operandi: Circular trading with Promoters funds – Promoters of companies of which stock prices were relatively low – eventually dumping the stock once the broader market jumps in and the stock price rises.
Ketan Parekh is a name taken after Harshad Mehta fraud in Indian stock market and still queries are raised in the market that is Ketan Parekh still active in market whenever any upheveal takes place in the market. People are still searching for him with following terms
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He may be indirectly responsible for helping Indian stock market build robust systems which will take us through the next century.
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