If you’re dreaming of digging deep, the stock market is the absolute thing you should be aware of. It is a dream filler for many, while some perceive it as a nightmare. Time witnessed the performance of many stock market players or genesis, but there are certain stories that are maligned. And the story of Ketan Parekh is the top one!
You might have heard a lot about the Ketan Parekh Scam of 2001, inciting significant financial losses for many investors, shaking the trust in the Indian stock market, and so on. But it’s just a one-sided story, as the real story of the scam is too far from your reach. The whole scam story of Ketan Parekh is just a ring of truth.
Ketan Parekh is a name in the Indian stock market that needs no introduction. He is a genius who understood the stock market like no one. His curiosity and zeal to do par excellence led him to a different path.
Professionally, he was a Chartered Accountant who started his career in 1980 joining his father and uncle. He had his own family business, Narbheram Harakchand Securities (NH Securities) institutional brokerage firm operated by his father, who was one of the popular jobbers in those times. However, he was Ketan’s inspiration, and while working with him, he realized his potential and carved his niche in trading. With a thorough understanding of the market and its intricacies, he earned the title of “ITC Bull.” It’s all where the story of the scam began, and a persona was misinterpreted.
The story of the scam begins with the boom of the ICE (Information, Communication, and Entertainment) industry. The software and entertainment industries propounded many opportunities in the late 90s and early 2000 that enthralled many, and Ketan Parekh was also one.
Unlike his father, Ketan was a risk taker, and this opportunity enabled him to craft a growth path. With a thorough understanding and deep research, he identified the upturn of the projects and helped many financial institutions and high-net-worth individuals in the country raise their funds. Moreover, he supported many low-profile enterprises to become debt-free and increased their market value.
In 2001, when the ICE industry drastically bent overnight, it turned everything and shook off the whole trading market. From there, the trials and tribulations of “ITC Bull” started. He was charged for the ‘Pump and Dump’ strategy and to nobble the stock market price. The Indian court accused him of many events and was impeded from trading; as a law obedient, he served years in jail and fought against all the blows without spelling a single word in his defense. It’s the story that everyone knows, but where’s the real story stands!
It’s easy to judge someone on the basis of a few prints and speeches but difficult to understand the real deep story! Similarly, many false statements have blown the reputation of Ketan Parekh. Despite everything, he has been fighting for amends, staying in the country. He firmly believes in the Indian Judicial System and is still working to repay the whole amount and accept all the penalties imposed by the court. He is living a challenging life in spite of the fact some false speculations have obscured his loyal and law-abiding personality.