Ketan bets on oil PSUs

Jun 23, 2010 |

New Delhi

The government has received reports that tainted stock broker Ketan Parekh, who was barred from the capital markets till 2017 over a securities scam, is still active and has taken positions in oil PSUs like ONGC and HPCL.

Ketan Parekh, who was banned for his role in a securities scam between 1999 and 2001, and his associates are acquiring very large positions in petroleum companies, a private news channel reported, quoting sources in the Intelligence Bureau.
“They (Parekh and associates) have claimed to close associates that they possess insider information on the government’s proposal to decontrol the sale of gas which is expected to raise profit margins of these firms by about 20 per cent,” the channel quoted the official as saying.
While the channel said that the intelligence reports have been sent to the Prime Minister, the finance minister and other government officials, Parekh could not be contacted over phone or by e-mailed. — PTI

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