Sebi bars Ketan Parekh, 10 others for 14 more years

The Securities and Exchange Board of India (Sebi) on Monday barred rogue trader Ketan V Parekh and 10 of his associates, who were instrumental in the stock scam of 1999-2001, from accessing the stock market "" directly and indirectly "" for another 14 years. The order is effective from December 12, 2003.

Interestingly, Sebi said its new order on Ketan Parekh and his associates will run concurrently to its earlier order on December 2003, which too had barred these entities for 14 years.

"Ketan Parekh was found to be the mastermind behind all the acts of omission or commissions by these entities, the order by T C Nair, wholetime member, Sebi, said.

Sebi also restrained Navinchandra N Parekh, Kirtikumar N Parekh, Jayant N Parekh and Vipul D Parekh, from accessing the securities market for one year.

Firms Triumph International Finance India, Triumph Securities, and NH Securities have been barred from the stock markets for five years. The 10 associates include his brother Kartik K Parekh and firms Classic Credit and Panther Fincap and Management Services.