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JPC: Evidence on SSI deal being gathered

BS Economy Bureau in New Delhi

The Securities and Exchange Board of India has informed the Joint Parliamentary Committee probing last year's stock market scam that evidence is being gathered from the individuals and entities to whom promoters of SSI Ltd had sold shares of the company.

In its investigation report, Sebi has said it is also gathering evidence regarding the source of payment for their purchases as well as whether these shares were in turn off-loaded in the market.

Sebi has also said evidence from the two Mauritius-based Overseas Corporate Bodies - FR MAN Investments Pte Ltd and Wakefield Holdings Ltd are being examined. Evidence regarding the matched trades executed by the brokering entities for Ketan Parekh and associated entities are being examined.

"On collation of all this evidence and recording of statement of the various broking entities as well as individuals, a final view in this case would be taken," Sebi has said in its report.

In its preliminary findings, Sebi had reported that Ketan Parekh had executed large trades on behalf of Wakefield Holding, executed trades on his own account as well as routed trades through other brokers through one of his group companies. Sebi had underlined the need for further examination of these trades.

Sebi had also noted the change in shareholding of the two OCBs had been found to be "significant" and had said there was need for examination of the source of funds for these transactions.

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