Market regulator Sebi has barred Mascon Information Technologies Ltd (MITL) from the securities market for two years, for alleged fraudulent trading by offloading shares through off-market transfers to Ketan Parekh-related entities.
MITL offloaded a large number of shares to entities related to Ketan Parekh, the main accused in the stock market scam in 2000, during the December 2000 to March 2001 period. Sebi has restrained MITL from accessing the securities market or being associated with it in any manner for two years from the date of the order.