00:00Ketan Parekh is a name that will always be remembered in the history of the scam related to the share market.
00:11Ketan Parekh, a professionally chartered accountant, was very active in the share market from 1999 to 2000.
00:17During this time, he participated in circular trading and traded shares of information, communication and entertainment companies.
00:26Ketan Parekh's name is gaining popularity again in recent days.
00:30And this time too, Ketan Parekh's name is linked to a scam.
00:34SEBI has banned two more people from the security market along with Ketan Parekh.
00:39So let's tell you in detail in this video what Ketan Parekh has done this time.
00:45Market Regulatory Security Board of Exchange of India i.e. SEBI has banned three people along with Ketan Parekh from the security market.
00:54People are accused that by participating in the front-running scheme, they have earned an illegal profit of Rs. 65.77 crores.
01:02Ketan Parekh used to do front-running on foreign client transactions and this front-running used to happen in Singapore.
01:09So first of all, let's know what is front-running?
01:12In front-running, shares are bought and sold on the basis of sensitive information of the company.
01:18Apart from this, SEBI has ordered to seize illegal profits of Rs. 65.77 crores by 22 units along with Ketan Parekh.
01:30SEBI has also banned Ketan Parekh, Rohit Salgaonkar and Ashok Kumar Poddar from connecting with SEBI through any direct or indirect intermediary.
01:40SEBI has issued a show-cause notice to 22 units along with Rohit Salgaonkar and Ashok Kumar Poddar and has asked them to return the money, ban and issue a fine.
01:52SEBI has said that these units will have to submit their answers to SEBI within 21 days of this order.
01:59In the 188-page interim order, SEBI has said that Rohit Salgaonkar and Ketan Parekh have planned to earn a profit through NPI, i.e. non-public information, through front-running activities.
02:16SEBI has said that Ashok Kumar Poddar has admitted that he helped in front-running.
02:21SEBI found out about the method used by Ketan Parekh and others that the front-runner was getting orders via WhatsApp chat or call before the purchase and sale of shares.
02:33These orders were coming from a person whose number was saved in the mobile with names like Jack, Jack New or Jack Latest, New Boss.
02:43When these numbers were checked, it was found that these numbers belonged to Ketan Parekh.
02:49Ketan Parekh was getting this information from a person named Rohit Salgaonkar.
02:54Straight from Ketan Parekh or through someone, at a particular time, after getting the order, the front-runner used to buy and sell shares according to those orders and earned money in a wrong way.
03:06For these wrong deeds, Ketan Parekh and Ashok Kumar Poddar were previously stopped from buying and selling shares and were banned from being associated with the share market.
03:17SEBI has said in the order that keeping all these things in mind, Parekh and Poddar will be stopped from buying, selling or making a deal with SEBI or from being associated with any broker or company.
03:36So, what do you have to say about the Ketan Parekh case scam? Give us your opinion in the comment box.
03:41And for such updates, keep watching Good Returns.
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