SEBI bans Ketan Parekh once more for brand new front-running rip-off allegations

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Parekh was behind one of many worst monetary scandals in India’s historical past on the flip of the century.

SEBI had investigated the trades undertaken by people and brokers related to Parekh over a two-year interval which ended on June 2023, the order launched by the regulator on Thursday, January 2, 2025, mentioned.

The investigation confirmed that Parekh had allegedly obtained private info of a serious US fund’s trades from Singapore-based Rohit Salgaocar, who had an settlement to refer trades of that fund to Motilal Oswal Monetary Providers Ltd. and Nuvama Wealth Administration Ltd, in response to the report.

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Parekh then handed on the data to his associates to entrance run the trades, SEBI member Kamlesh Varshney had mentioned within the order.

SEBI had initially banned Parekh in 2003 for 14 years as a result of allegations of insider buying and selling, worth rigging and unlawful diversion of financial institution funds into the inventory market.

These actions resulted in a inventory market crash in February and March 2001.

Varshney had additionally ordered the impounding of about ₹65.80 crore in “illegal beneficial properties” made by these entities allegedly concerned within the rip-off.

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Parekh and 21 others named within the SEBI order have additionally been given 21 days to answer the findings.