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March 31, 2001
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Money > Business Headlines > Report March 31, 2001 |
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SEBI has evidence of insider trading in GTB scripThe Securities and Exchange Board of India has in its interim report to the Reserve Bank of India accused leading stock broker Ketan Parekh and his companies of having manipulated the price of the Global Trust Bank scrip. In its eight-page report to RBI Deputy Governor S P Talwar, SEBI said there was proof of GTB scrip being "ramped up" prior to its merger talks with the UTI Bank, a SEBI official said in Bombay on Saturday. Parekh, who is now in CBI custody in connection with the Rs 1.37 billion pay order scam, was using his companies to allegedly misuse the banking channels to carry out operations in the stock market, the official said. The report, submitted on Friday, said Parekh, who held at least five per cent of GTB stock, allegedly carried out operations in the scrip through a foreign broking house. It states that there was a case of insider trading in the stock and it would be established by the time the regulator hands over the final report some time next month. Parekh allegedly used his companies N H Securities, Triumph International, Panther Finance and Class Credit for rigging up GTB prices, the official said. SEBI carried out investigations into the price movement of GTB scrip between October and January 2001, but would now go backwards to study the price trends, the official added.
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