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Our Bureau A special SEBI court on Tuesday convicted former stock broker Ketan Parekh for various cases of market manipulation, sentencing him to three years of imprisonment and imposing a fine of ₹5 lakh.
In November, Parekh was sent to judicial custody by SEBI special court judge MG Deshpande for failing to appear for hearings despite multiple court summons. SEBI had prosecuted Parekh for various offences, including market manipulation.
In 2009, the market watchdog had banned 26 entities after its investigations found that several companies and brokers were trading on Parekh’s behalf. In October, a proclamation was issued against Parekh, asking him to appear before the court in a case regarding non-compliance with SEBI orders. When he appeared before the court in November, he was sent to judicial custody and has since been in jail.
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