Ketan Parekh's Plea Rejected: SEBI Case to Proceed

A special court has rejected Ketan Parekh's request to close a case by SEBI for unpaid penalties. The court found Parekh intentionally violated regulations. Parekh has a history of similar offenses. SEBI highlighted his market manipulation activities. The court decided compounding the offense is unwarranted.

A special court has dismissed former stockbroker Ketan Parekh's plea to close a case filed by SEBI over unpaid penalties. The court noted that Parekh allegedly flouted regulations intentionally, leading to SEBI's action.

SEBI initiated the criminal case after Parekh refused to pay the penalties for violating market regulations. In response, Parekh petitioned for the case's closure through compounding, citing the long gap since the infraction in 1997.

The court highlighted that Parekh's past behavior included severe market manipulation, countering his plea for offense compounding. Consequently, the court ruled against Parekh, emphasizing the severity of the allegations and his conduct.

(With inputs from agencies.)