Stock broker Ketan Parekh sentenced to one year jail term in the 1992 Canfina scam. Earlier, on November 12, 2007, the Securities and Exchange Board of India had barred Ketan Parekh and his associates, who were instrumental in the stock scam of 1999-2001, from accessing the stock market for another ten years.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
Budget proposal has put an end to the flourishing trade in STT, as STT is likely to be treated as any other deductible expenditure against business income.
One of the biggest defaulters of Ahmedabad-based Madhavpura Mercantile Co-operative Bank, stock broker Ketan Vinaychandra Parekh has settled his dues with the bank by paying Rs 26 crore a fortnight ago, revealed informed sources. The so called 'big-bull' of the stock market has paid a whopping Rs 396 crore in less than two years to MMCB.
The chief metropolitan magistrate, S C Mishra, rejected on Thursday the bail petition of tainted stock broker Ketan Parekh and extended his judicial custody for another 14 days.\n\n\n\n
Investors wishing to trade securities in a stock exchange have to channel their trade through a stock broker who is a member of that stock exchange
Tainted stock broker Ketan Parekh and 8 of his associates received a blow, when the Supreme Court dismissed their appeals against a Sebi order banning them from trading for 14 years.
The exchange moved through many ups and downs through the years.
Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.
The regulator is unhappy with the exchange in the market crash case that occurred in 2012.
Ashok Samani, a Mumbai-based stock broker, on Friday won the bids for the eight apartments owned by late Harshad Mehta and his family in upscale Worli by quoting a price of Rs 32.60 crore. The sale has to be approved by the Supreme Court. The price of the property, with total super built-up area of 12,500 sq ft, works out to be Rs 26,080 per square feet, nearly three times than the official valuation of Rs 11.50 crore.
Overall market open interest on NSE down 15 per cent to Rs 89,307 crore (Rs 893.07 billion). A majority of stock brokers have unwound their leveraged positions in the futures and options segment. The total leveraged position (in excess of Rs 1 lakh crore or Rs 1 trillion) contributed heavily to the stock market crash.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
Last week, when Harish Bhasin, the Delhi-based stock broker, made an open offer for DCM Shriram Industries Ltd, he was back in news after almost 25 years.
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The Securities and Exchange Board of India has debarred stock brokers Ketan Parekh and Kartik K Parekh and seven of their entities from trading in the market for 14 years after finding their involvement in the 2001 stock market scam.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
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