Mumbai Court Permits Ketan Parekh's Travel Abroad Amidst Securities Scam Conditions
A Mumbai court allows former stockbroker Ketan Parekh, embroiled in a securities scam, to travel abroad if he deposits Rs 27.06 crore with SEBI. Earlier deemed ineligible, Parekh can now travel to Thailand and UAE, provided he meets financial conditions set by SEBI for previous violations.
- Country:
- India
In a significant development surrounding the infamous securities scam, a special court in Mumbai on Tuesday granted permission to former stockbroker Ketan Parekh to travel abroad, contingent on financial compliance with the Securities and Exchange Board of India (SEBI). Parekh has been ordered to deposit Rs 27.06 crore as part of his obligations linked to an interim SEBI order.
The court's decision comes after Parekh, implicated in the 2000-2001 scandal that led to his 14-year ban from stock trading, renewed his request to leave the country. Previously rejected in September, the plea was revised for a limited travel period, aiming for a family vacation in Thailand and a wedding in the UAE this November.
While SEBI, represented by special public prosecutor Anubha Rastogi, opposed the plea, fearing violation risks and citing outstanding dues from a 2025 order, Judge R M Jadhav acknowledged the modified travel timeline. The conditional approval requires Parekh’s financial settlement to SEBI before undertaking any foreign trips.
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