Ketan Parekh
Indian stockbroker
Ketan Parekh is a former stockbroker from Mumbai, who was convicted in 2008 for involvement in the Indian stock market manipulation scam that occurred from late 1998 to 2001. During this period, Parekh artificially rigged prices of certain chosen securities (informally referred to as K-10 stocks), using large sums of money borrowed from banks including the Madhavpura Mercantile Co-operative Bank, of which he himself was a director.
After many investigations by the Securities and Exchange Board of India, Parekh and his front entities were found guilty of rigging share prices of ten companies called K-10 and SEBI had banned Parekh and associated firms from trading in the market for 14 years.
In 2025, Parekh was banned from the market by the SEBI due to his alleged involvement in a front running scam.
Early career
Parekh, after becoming a Chartered Accountant, started his career in the late 1980s at Narbheram Harakchand Securities (NH Securities), a reputed institutional brokerage firm. In the 90s, he came in contact with Harshad Mehta, a well known stock broker and subsequently joined Mehta's firm GrowMore investments, a firm that Mehta had set up and which was involved in the 1992 Indian stock market scam. As cover stories emerged in the financial media of his malpractices related to the stock market, scrutiny shifted to his activities leading to his arrest on 30 March 2001.
Role in 2001 stock market crash
Ketan Parekh purchased small stakes in less known small market capitalization companies, and jacked up their prices through circular trading with other traders, and collusion with these companies and large institutional investors. This resulted in steep hikes in share prices (for example: shares of Zee telefilms zoomed up from Rs 127 to a price of Rs 10,000. This set of ten stocks was colloquially referred to as "K-10" stocks and Parekh was playfully referred to as "Pentafour Bull".
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