The Securities and Exchange Board of India (SEBI) has opposed former stock market operator Ketan Parekh’s application seeking permission to travel abroad for four months.
Parekh, who was barred from the markets for 14 years for his role in the 2000-2001 securities scam, requested permission to travel to the UK, UAE, Singapore, Thailand, Sri Lanka, South Africa, the European Union, and Georgia for a family vacation and to attend two weddings.
SEBI cited Parekh’s “history of misusing” foreign travel permissions to carry out fraudulent trades via WhatsApp groups. It alleged that Parekh harbours a “sinister motive” to evade surveillance, skip court proceedings, and “settle in a foreign country” to execute plans that could harm the country’s economy and investors.
Parekh, who continues to face criminal charges before a special SEBI court in Mumbai, also cited the health condition of his elder daughter, saying both his daughters live in the UK and that he wished to spend quality time with them.
In a response filed earlier this month, SEBI opposed the plea, referring to an ex parte interim order issued in January 2025 by a whole-time member of the regulator that again debarred Parekh, along with two others, for alleged front-running. The order said Parekh had passed on time-sensitive, non-public information within minutes to Singapore-based associate Rohit Salgaocar, enabling illegal profits for the frontrunners.
Special Judge R M Jadhav is expected to pronounce an order on Parekh’s plea on Tuesday.