On Thursday, in an interim order, Sebi debarred Parekh, Singapore-based Rohit Salgaonkar and 20 other entities, besides impounding ₹65.77 crore of wrongful gains.
According to the markets regulator's investigation, Salgaonkar and Parekh used non-public information (NPI) related to trades by a major US-based fund house, managing $2.5 trillion, globally referred to as the 'Big Client', whose funds are registered as foreign portfolio investors (FPIs) in India. Sebi's findings indicate the alleged scheme was running for almost two-and-a-half years and were caught following a new alert model for identifying information-based trades.
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