National
Ketan Parekh deposes before JPC
By Our Special Correspondent
NEW DELHI, JAN. 3. Bull operator, Ketan Parekh, today told the Joint Parliamentary Committee probing the stock market scam that he had had no intention to manipulate but was a `victim of circumstances' that made him over reach while trading.
Deposing before the Committee for the first time, Mr. Parekh who is considered to be one of the main players behind the crash of stock markets, said he was trapped in a `vicious cycle' where in order to meet requirement of payments he indulged in further trading. He said, he never intended to commit irregularities such as circular trading or short sales. Briefing the press, the JPC Chairman, Sri Prakash Mani Tripathi, said Mr. Parekh submitted a 31-page statement alongwith several annexures in defence of the findings of the Securities and Exchange Board of India (SEBI) against his firm's activities during the scam. Today's cross-examination remained incomplete and Mr. Parekh would be summoned again at a later date, the Chairman added.
Mr. Parekh told the JPC that the rise in the stock market was part of the world wide phenomenon and the graph's climb in India was a mirror reflection of the world markets. Mr. Parekh also said his was a genuine practice to see that the Indian markets make a mark on the international scene as a bourse where investments were profitable.
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