Summary
His piercing eyes betray no fear, only the pain of punishment, loss and four trips to the pen. Slivers of grey around the temples and a spartan blue shirt are in stark contrast to the poster-boy flamboyance in the glory years. In a once-bustling office adjacent to Jeejeebhoy Towers, home of the Bombay Stock
Exchange on bountiful Dalal Street, an eerie silence prevails. This is where yesterday's Big Bull Ketan Parekh spends most of his working hours. But don't expect to catch him trading maniacally in a dealing room; he's apparently doing something much dour--preparing the groundwork to attend and answer courts. "This is the biggest bull market rally in Indian history, and we've missed it," shrugs the man who stands accused of using truckloads of bank funds to manipulate share prices, which eventually lead to a market crash in 2001. "We have eight agencies to answer to. I had six offices, only one is left. Of my 400 employees, only 40 are left with me. We have to run this office just to answer queries from the various agencies like the CBI (Central Bureau of Investigation), the Income-Tax department, SEBI (Securities and Exchange Board of India), and-now the new one-the Serious Fraud Investigation Office."See the full content of this document
Extract
Is Ketan Parekh Back? Yes, Says Sebi No, Says Ketan
To be sure, KP (as he was better known) and his companies stand accused of countless violations (see Still In The Dock), but the most damaging price he has had to pay for his role in the securities scandal of 2001 is a blanket ban from dealing in stocks in India for 14 years. But can you keep a once-upon-a-time big bull down for too long, particularly at a time when the markets are a rage, and the indices on fire? If SEBI is to be believed, KP is indeed back, this time in the guise of a foreign institutional investor (FII). "In order to circumvent the prohibitions imposed by SEBI on Ketan Parekh and related entities from dealing in Indian securities market directly or indirectly...a new entity was incorporated in September 2003 by the name of Jermyn Capital LLC for dealing in the Indian securities market," is how a SEBI interim order against Jermyn Capital LLC damningly puts it. According to the market watchdog, the UAE-based Jermyn Capital LLC is an associate of the ...
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