Sebi court rejects Ketan Parekh's plea for closure of payment default case

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Sebi court rejects Ketan Parekh's plea for closure of payment default case - Business Standard

Quick Summary:

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.