Ketan Parekh (KP), the infamous stockbroker once associated with Harshad Mehta’s 2000-01 stock market scandal, is back in the headlines—this time for yet another market manipulation scheme. Despite being banned by SEBI for 14 years since 2003, KP continued to operate from the shadows, orchestrating a sophisticated front-running scam that targeted Tiger Global’s investments in India, particularly PB Fintech (Policybazaar’s parent company).
On January 2, 2024, SEBI exposed the scam in a detailed 188-page interim order, banning KP and 22 others from the market and ordering the impounding of ₹66.77 crore in illicit profits. Let’s explain how the scam worked, and how SEBI finally caught Parekh.
Let them play. If guys like them don’t keep the regulators busy, then the regulators will keep on playing with arbitrary regulations and policies changes all the time and make juntas life hard.
Besides nothing is ‘non-public’ in India, if you happen to know the right people.
Ha dusre madam ab economy le k busy ho jayega. Band baj raha hai economy ka… FMCG cos are now reporting 1-2% sales growth. Consumption has slumped. Private capex has slumped. Banks deposits are slowing. Unemployment data is very high (unofficial but unfudged data).
A convicted guy is now the US president.
