Sebi debars Ketan Parekh, entities for 14 years

The Securities and Exchange Board of India has debarred stock brokers Ketan Parekh and Kartik K Parekh and seven of their entities from trading in the market for 14 years after finding their involvement in the 2001 stock market scam.

Both Ketan and Kartik along with their entities -- Classic Credit, Panther Fincap and Management Services, Luminant Investments, Chitrakut Computers, Saimangal Investrade, Classic Infin and Panther Investrade -- have been prohibited from dealing in securities in any manner with immediate effect, Sebi said in a release on Wednesday.

The action has been taken based on the findings of the investigations conducted in the wake of excessive volatility in the stock markets during mid-February and mid-March 2001, the release said.

The order was passed on December 12 after giving them a hearing by the chairman and it does not preclude action against these individuals and entities in the future, it said.