Stock broker Ketan Parekh gets 3-year jail for non-payment of dues to Sebi

A special court on Tuesday awarded three years imprisonment to stock broker Ketan Parekh for non-payment of dues to market regulator Sebi. The court also directed Parekh to pay Rs 500,000 as fine, part of which will have to be paid to Sebi.

The case pertains to acquisition of shares by Panther Fincap of Shonkh Technologies beyond permissible limits without making disclosures under the Sebi regulations. Parekh was the director of Panther Fincap and in charge of the business.

In 2003, Sebi had imposed a penalty of Rs 650,000 on Panther Fincap, which then moved the Securities Appellate Tribunal (SAT)