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Share price manipulation back again; Ketan Parekh named by IB

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Updated: Monday, July 9, 2012, 12:37 [IST]

Share price manipulation back again; Ketan Parekh named

Ketan Parekh who has been banned by SEBI for trading in stocks till 2017, is alleged to be back again manipulating stocks. A report in the India Today states that the Intelligence Bureau has unearthed a major stock market scam involving big players such as rogue stockbroker Ketan Parekh.

According to the India Today report, a damaging IB report, submitted to the topmost echelons of the government, suggests that KP and his associates are driving up share prices through the creation of false volumes. The 'top secret' IB document states that these manipulators are brazenly continuing "their illegal activities using circular trading, insider trading and use of front entities to rig up prices".

The report lists seven companies involved in the illegal manipulation, including Dewan Housing Finance Corporation Limited, Goenka Diamond and Jewels Limited, Orchid Chemicals and Pharmaceuticals Limited , IVRCL Limited, Pantaloon Retail (India) Limited, Tribhovandas Bhimji Zaveri and GMR Infrastructure Limited.

Meanwhile, shares of the companies involved have fallen dramatically. Dewan Housing was down 8.28%, while Tribhovandas Bhimji was down 8.23%, Pantaloon Retail was down 4%, Goenka Diamonds was down 20% and Orchid Chemicals was down 4%

GoodReturns.in

Topics: ketan parekh
Story first published:  Monday, July 9, 2012, 10:43 [IST]
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