India's market regulator said it has uncovered an alleged front-running scheme involving Ketan Parekh—convicted in 2008 for stock market manipulation—and others. The regulator impounded unlawful gains worth ₹65.77 crore from those involved and debarred Parekh from dealing in the securities market till further investigation is completed.
Parekh and Rohit Salgaocar, through his company, orchestrated "illicit" trades based on confidential, non-public information related to stock orders from a US-based foreign portfolio investor (FPI), referred to as "Big Client," according to the Securities and Exchange Board of India (Sebi).
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