NCDEX lists 30 entities with Ketan Parekh links

The National Commodity and Derivatives Exchange (NCDEX) has released names of 30 individuals and firms that have links with blacklisted stockbroker Ketan Parekh and warned its members against association with any of them.

This follows the alert sounded by markets regulator Forward Market Commission (FMC) against the Ketan Parekh group early this week. The Multi Commodity Exchange (MCX) had listed 29 entities and individuals linked with Parekh.

An NCDEX source said all names were taken from the Securities & Exchange Board of India's order on the KP group, dated March 8, 2004.

The list put out by NCDEX on its website includes Vidyut Investments, a Ranbaxy subsidiary,.Triumph International Finance (India) Ltd, Triumph Securities, NH Securities, Classic Share and Stock Brokers, VN Parekh Securities, KNP Securities, Classic Credits, Luminant Investment, Panther Fincap and Management Services, Saimangal Investrade, Classic Infin, Panther Investrade and Chitrakut Computers.

The individuals named are Madhusudan Kela, Anand Poddar, Radhakrishnan, Ketan V Parekh, Karthik K Parekh, Vinaychandra N Parekh, Kiritkumar N Parekh, Navinchandra N Parekh, Arun J Shah, Jayant Parekh, Vinodini Parekh, Rupam Parekh, Yogesh Desai, M D Doshi, Kaushik C Shah and A R Kapadia.

"The NCDEX has been advised by the FMC that the Ketan Parekh group (KP group) may be using the services of the members of national commodity exchanges for trading in commodity markets. We, therefore, advise the members to be cautious and ensure that they do not enter into any deals with any of the entities or individuals associated with the KP group," NCDEX noted in a communique.

The exchange added that the members should verify and ensure that none of the entities or individuals, including their promoters, directors or partners, or other individuals associated with the KP group are trading on the exchange through them.

Parekh was allegedly involved in the 2001 stock scam. He was also linked to the collapse of Madhavpura Bank in Ahmedabad. The FMC had hinted earlier that a broker debarred from securities trading cannot enter into commodities trading.