A special court here has rejected former stock market broker Ketan Parekh’s plea for the closure of a case initiated against by SEBI for not paying a penalty imposed by the markets regulator, noting the accused prima facie violated the norms “intentionally”.
The special judge for cases under the Securities and Exchange Board of India (SEBI) Act, RM Jadhav, in an order passed on October 4, ruled that Parekh’s plea for compounding of the case against him “is unwarranted and uncalled for”.
SEBI initiated a criminal case against Parekh after he failed to pay the penalty for violating the board’s regulation. In response, Parekh filed an application before the court for closure of the case by compounding.
Parekh, in his plea, stated that the complaint had been filed in 2003 for the alleged violation dated 1997.
Almost 25 years lapsed since the alleged violation. They offered to pay whatever amount sought by the board, Parekh’s lawyer submitted before the court.
“The applicant desires to
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