Mumbai, Nov 4 () A special SEBI court here has sent former stock broker Ketan Parekh, a key figure in the 2001 securities scam involving the Madhavpura Mercantile Cooperative Bank, to judicial custody for non-appearance in a court case filed by the Securities and Exchange Board of India (SEBI). When he appeared before the court yesterday, he was sent to judicial custody by the special court judge, M G Deshpande. "Parekh was taken into judicial custody as soon as he appeared before the special SEBI court, on the grounds that he had failed to respond to a number of summonses issued against him. Last month, a proclamation was issued against Parekh, asking him to appear before the court in a case regarding non-compliance of SEBI orders. In March 2014, a special CBI court had convicted Parekh for cheating and sentenced him to two years of rigorous imprisonment.

Source: Economic Times November 04, 2017 13:18 UTC