Ketan Parekh is a former stock broker from Mumbai, India, who was convicted in , for involvement in the Indian stock market manipulation scam that. 12 Mar Presentation on KETAN PAREKH Scam. 1. Presented by: Vasu ruthvick Preetish Dhulshetti Somnath benarjee INTERNATIONAL SCHOOL OF. 9 Sep Ketan Parekh was threatening to sue the Bank of India for defamation, because it complained about the bouncing of Rs billion pay orders.
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Retrieved from ” https: Retrieved 11 January ketan parekh scam Retrieved 7 May From Wikipedia, the free encyclopedia. Parekh purchased large stakes in less known small market capitalization companies, and jacked up their prices through circular trading with other traders, and collusion with these companies and large institutional investors.
Ketan Parekh scam: Stock and bull story – Cover Story News
However, the bear cartel in Bombay stock exchange started to hammer his K stocks in Februaryleading them to fall kegan precipitating a payment crisis in Kolkata. However, as a bear cartel started hammering the K stocks, Ketan Parekh found himself locked out of cash. Living people Businesspeople from Ketan parekh scam Indian stock traders.
The media covered every incident in his life including that of him forming KVP Ventures a collaboration with Vinay Maloo and the Australian magnate Kerry Packerforming an investment bank Triumph international and turning the loss making ABCL into a profitable ketan parekh scam.
Stock and bull story”.
Archived from the original on 17 January Retrieved 22 May Ketan Parekh used psrekh modus operandi repeatedly for 10 stocks which he had picked. Ketan Parekh is a former stock broker from MumbaiIndiawho ketan parekh scam convicted infor involvement in the Indian stock market manipulation scam that occurred scak late to At the height of his success Ketan Parekh was friends with ietan celebrities like Kerry Packer and both of them had together started a venture capital with the intent of funding start-ups in India.
Parekh began cultivating friendships with people in Bollywood including Amitabh Bachchan and the diamond ketan parekh scam Bharat Shahthus coming into the media’s eye and limelight. He was a soft spoken, unassuming guy that you would mistake for being an average person on the street. This resulted in steep hikes in share prices for example: However, in reality his associates and competitors describe him as being ketan parekh scam shrewd and ruthless.
Ketan Parekh Scam and it’s Impact on Financial Institutions
In the 90s, he came in contact with Harshad Mehta, a well known stock broker and subsequently joined Mehta’s firm GrowMore investmentsa firm that Mehta had set up and which was involved in the Indian stock market scam.
However, the extent to which such actions can stop the activities of Ketan Parekh is yet ketan parekh scam be ascertained.
Ketan Parekh was immediately arrested and tried oetan court. The use of this material is free ketan parekh scam learning and education purpose. Views Read Edit View history.
Inthe regulators initiated a probe into this and many companies were barred from trading in the exchange. This kean ketan parekh scam a stock market crash the next day, resulting in large scale losses for large institutional investors, including insurance companies and mutual funds. His pictures began svam appear in newspapers with his comments on matters related to finance and the budget. Thus in just a few months, scrips of virtually unknown companies like Visualsoft rose from Rs to Rs 8, per share and Sonata Software rose from Rs 90 ketan parekh scam Rs 2, Panicking, Parekkh sold off his entire ownership of the so called K stocks that he had successfully jacked up over the past two years, especially those of two entities – GTB bank ketan parekh scam MMCB bank.
He was believed to have bribed the officials of the said bank to persuade them to lend against shares to a greater extent than was permitted by law.
The Ketan Parekh Scam
However, in his demeanor he was nothing like Mr Mehta. What is Causing the Ketan parekh scam Boom? Ketan Parekh had a cover story to back his unscrupulous dealings and throw skeptics off track.
He invested heavily in stocks related to IT, media and communication and propagated them. As cover stories emerged in the financial media of his malpractices related to the stock market, scrutiny shifted to his activities leading to his arrested on 30 March Later it turned out that it was broker turned operator Ketan Parekh that was driving the market and not changes in the fundamentals.
Hence, it seemed to appear that the stocks Ketan Parekh was ketan parekh scam were growing because of their fundamentals. This page was last edited ketan parekh scam 16 Juneat Retrieved 27 May