The role of statutory auditors of erstwhile GTB had come under the scanner in the backdrop of Ketan Parekh stock market scam that came into light in period. Ketan Parekh, a key figure in the securities scam, was sentenced to judicial custody for non-appearance in a court case filed by SEBI. New policy measures were announced on Thursday to strengthen the regulatory framework at the UCBs. EroNkan provides solutions to diverse Industry sectors like food and beverages, pharmaceuticals and discrete manufacturing verticals. A media report on Saturday said banks, especially the state-run ones, have turned defensive when it comes to lending during what is otherwise a "busy season".
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In an exhaustive 16 volume report, each one running into thousands of pages with the annextures, the SFIO has estimated that the extent of the fraud could touch Rs , crores. SFIO investigators told Hindustan Times that charges against Parekh — to be framed after the centre's formal nod — include, among others, manipulation of shares with the intent of benefitting himself and others, cheating of banks, falsifying of accounts, paying huge remunerations to some company directors without the centre's permission, giving loans without following norms and mishandling public money.
Parekh's unprecedented stock market heist began around mid and continued for nearly three years till the market crashed by points on a single day, one day after the Union Budget was presented.
Hundreds of investors were driven to the brink of bankruptcy. Another 8 companies were also used mainly to arrange finances from banks, FIIs and corporate entities. Alleging that Parekh manipulated the market through his stock brokering and investment entities, the SFIO investigations point out that he managed the scam by circular trading,synchronised trading, effecting cross deals, generating high volumes and price by acting in concert with other brokering firms across the stock exchanges.
The investigations have revealed that part of the "illegitimate money " was taken out of the country using the overseas corporate bodies OCBs. The report further states that the trading pattern and volume handled by sixteen Parekh controlled companies is marked by a triple-fold hike in as compared to Jay Raina None. Thank you for subscribing to our daily newsletter. Covid What you need to know today. Study links respiratory illness during Covid to blood groups.
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The Ketan Parekh Scam
Ketan Parekh is a former stock broker from Mumbai , India , who was convicted in , for involvement in the Indian stock market manipulation scam that occurred from late to Parekh started his career in the late s at Narbheram Harakchand Securities NH Securities , a reputed institutional brokerage firm. In the 90s, he came in contact with Harshad Mehta, a well known stock broker and subsequently joined Mehta's firm GrowMore investments , a firm that Mehta had set up and which was involved in the Indian stock market scam. However, this started to change in as Parekh got closer to celebrities. Parekh began cultivating friendships with people in Bollywood including Amitabh Bachchan and the diamond merchant Bharat Shah , thus coming into the media's eye and limelight.
Ketan Parekh scam may touch Rs 40,000 cr
As a result, he was able to achieve a similar feat as compared to what Mehta himself had accomplished. The low profile Indian stock market was suddenly once again making headlines all over the world. Later it turned out that it was broker turned operator Ketan Parekh that was driving the market and not changes in the fundamentals. However, in his demeanor he was nothing like Mr Mehta. He was a soft spoken, unassuming guy that you would mistake for being an average person on the street. However, in reality his associates and competitors describe him as being particularly shrewd and ruthless.