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November 12, 2007 21:28 IST
The Securities and Exchange Board of India (Sebi) on Monday barred trader Ketan V Parekh and his associates, who were instrumental in the stock scam of 1999-2001, from accessing the stock market for another ten years .
Sebi, in an order issued on Monday, said it was banning Ketan Parekh and associates for a total of 14 years, effective from December 12, 2003.
Sebi conducted investigations into the dealings of scrips of Himachal Futuristic Communications [Get Quote], Zee Telefilms, Adani Exports, Global Tele-Systems, Ranbaxy Laboratories [Get Quote], Shri Adhikari Brothers Television Network, Shonkh Technologies International [Get Quote], Padmini Technologies and Aftek Infosys [Get Quote] during the period October 1999 to March 2001.
The investigations revealed that Ketan V. Parekh and 17 other entities who were directly or indirectly associated to him were involved in the manipulation of these scrips.
Ketan V. Parekh was found to be the master mind behind all the acts of omission or commissions by these entities, the Sebi order said.
The ten associates Kartik K. Parekh, Classic Credit, Panther Fincap and Management Services, Luminant Investment, Chitrakut Computers, Saimangal Investrade, Classic Infin, Panther Investrade , Goldfish Computers Pvt, and Nakashtra Software have also been barred from accessing the securities market directly or indirectly, for a period of 14 years, the Sebi order said.
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