Biz Updates: Special SEBI court rejects Ketan Parekh’s petition, action in case of default in payment of fine

New Delhi| Mumbai’s special SEBI court rejected stock exchange broker Ketan Parekh’s plea to quash the case initiated by SEBI for non-payment of fine. The court said that the accused had prima facie deliberately violated the rules. Special SEBI Judge R. M. Jadhav, in an October 4 order, said Parekh’s appeal was unjustified and unnecessary.

SEBI had initiated a criminal case against Ketan Parekh after he did not pay the fine for violating board rules. In response, Parekh filed an application in the court to reduce the case and close it. Ketan Parekh stated in his petition that a complaint had been filed in 2003 for alleged violations in 1997. Almost 25 years have elapsed since the alleged violation. Ketan Parekh’s lawyer submitted before the court that he offered to pay the amount demanded by the board.