Ban on Ketan Parekh, associates to stay
Mumbai: The Securities Appellate Tribunal (SAT) has upheld the Securities and Exchange Board of India order banning trader Ketan Parekh and eight associates from dealing in the securities market for 14 years.

Parekh and others were found guilty of price manipulation in several shares during the 1999-2000 period. In its 60-page order the SAT, however, said SEBI made a `grave error' in letting off two foreign brokerages, Credit Suisse First Boston (CSFB) and Dresdner Kleinwort Benson (DKB), with lighter punishments for the same offence.

Parekh and his associates were banned for 14 years by SEBI through its order on December 12, 2003.

KP's favourite stocks during 1999-2000 included Zee TV, Himachal Futuristics Communication Ltd, Global Trust Bank and Lupin.

SAT said it was proved beyond doubt that three entities - Classic Credit Ltd, Panther Fincap & Management and Saimangal Investrade Ltd - were used for the market manipulation. Parekh, who was director in all these three entities, controlled them in their day-to-day activities. The other parties involved in the price rigging are Kartik K Parekh, Luminant Investment Ltd, Chitrakut Computers Ltd and Classic Infin Ltd.

While the SAT upheld the SEBI order against Parekh, the Tribunal felt that CSFB and DKB got away with lesser punishments. SEBI had banned CSFB for 18 months and DKB for two years. The order details price manipulation in the shares of Lupin during the April 1999-January 2000 period. The SAT said the share price of Lupin went up steeply with huge volumes during the period without any reason. In contrast, other pharma stocks such as Ranbaxy, Glaxo, Novartis and Cipla were not attracting any activity during the same period, the Tribunal noted.
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Radico Khaitan to raise Rs580-cr via FCCBs
Mumbai: Radico Khaitan will raise about Rs580 crore ($125 million) through the issue of foreign currency convertible bonds (FCCBs) or other securities in order to fund its expansion plans.

According to an official release issued by Radico to the BSE today, the proposal for raising the amount through the issue of FCCBs, GDRs or other securities, was approved at an EGM held today.
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MFs net sellers of Rs16-cr on Thursday
Mumbai: Mutual funds (MFs) were net sellers of Rs15.92 crore on Thursday. MFs made purchases of Rs256.93 crore and sales of Rs272.85 crore. On the other hand foreign institutional investors (FIIs) were net buyers of Rs14.10 crore on July 13.

While FIIs made gross purchases of Rs1029.40 crore, gross sales totalled Rs1015.30 crore.
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