The Securities and Exchange Board of India (Sebi) on Thursday debarred Ketan Parekh, the stock market operator involved in the stock market scam of 2000, Singapore-based trader Rohit Salgaocar, and one other individual from the securities market for alleged front-running of trades of a US-based foreign portfolio investor (FPI).
The FPI manages around $2.5 trillion worth of funds globally.
In a 188-page interim order against 22 individuals and entities, the market regulator has directed the disgorgement of ₹65.77 crore in illegal gains made through the alleged scheme. Sebi has also frozen the bank accounts of the 22 entities to prevent any debits.
Sebi's findings indicate that Parekh and Salgaocar were running the alleged scheme for almost two and a half years and were caught following a new alert model for identifying information-based trades.
This story is from the January 03, 2025 edition of Business Standard.
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This story is from the January 03, 2025 edition of Business Standard.
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