Ketan Parekh: Chor Chori Se Jaye Par Hera Pheri Se Na Jaye

1. It is said that "Chor Chori se Jaye par Hera Pheri se na Jaye" and it holds well for Ketan Parekh who has been banned by market regulator Sebi from participating in securities market for masterminding the multi-crore stock scam during 1999-2001. To revive the memory Ketan Parekh had siphoned off over Rs 880 crore from Madhavpura Merchantile Cooperative Bank which led to its collapse.

2. However the scam master is not going to take the punishment so easily as he has been found trading through certain front entities for executing trades desired by him in the securities market. As a net result Sebi has barred 26 entities from the market.


3. Sebi is referring the matter to the Enforcement Directorate as proofs exist that manipulative trading has been executed in the equity of Cals Refineries Limited, Confidence Petroleum India Limited, Bang Overseas Limited, Shree Precoated Steels Limited (now known as Ajmera Realty & Infra India Limited) and Temptation Foods Limited.

4. SEBI has also asked the BSE and the NSE to examine the dealings of Chimanlal Maneklal Securities, through which connected clients were selling the scrips of Cals Refineries. Maruti Securities Limited is also one of the firms which is a part of this dirty nexus. So it will be better that you people also do not deal through these brokers.


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