If you are someone interested in Indian Stock Market, then you must have heard about Ketan Parekh. Being among the most distinguished players in the Indian Stock Market, Ketan Parekh is a name known to all. However, the infamous scam of Ketan Parekh has given major blows to his reputation and made him the talk of the town. But the story you know is far away from the truth. The actual story of Ketan Parekh is buried under the blames and accusations imposed on him. Unfortunately, nobody ever tried to know the real Ketan Parekh and believed what was shown to them. But this article will introduce you to a completely different Ketan Parekh whom you don’t know. So, let’s discuss Ketan Parekh and the infamous scam.
Popularly known as ITC Bull, Ketan started his career by assisting his father and uncle in Narbheram Harakchand Securities, a renowned brokerage firm established by his grandfather. While working at his family-run business, he cleared the toughest accountancy exam and became a certified CA in 1985. Ketan was always fond of numbers, and soon he found his passion for trading. With his love for numbers, hard work, and meticulous approach, Ketan soon mastered the art of trading and carved a niche for himself in the Indian Stock Market.
Ketan learned a lot from his father, but unlike his father, he was a risk-taker who was keenly interested in exploring new ventures. To explore something new, he dedicatedly studied the companies and tried to understand their plans and prospects. With his analytic approach, he soon identified growth opportunities and worked with prominent financial institutions & high-net-worth personalities. Using his knowledge and experience, he helped many companies fundraise and expand their businesses globally.
Ketan Parekh has a positive outlook on the stock market and a firm belief in the ICE industry. He purchased massive holdings from promoters at a discounted rate and shifted his attention to institutional investors. Ketan needed stocks, the stock exchange, and money to increase the market.
After the emergence of dot-com, his stock portfolio was focused on the ICE sector. He invested in the industry during the boom years of the ICE industry (infotech, communications, and entertainment).
In 2001, the tide of his fortunes was turned when ICE stocks took a savage global bear hammering. Now, the ITC bull was trapped, triggered by a payment crisis on his bourses, and was forced to default on his payment obligations to banks. And the events that followed the colossal shift are not hidden from anyone. Ketan was arrested and tried in court. Besides, he was prisoned and prohibited from trading in the Indian Stock Market for over a decade.
In the public consciousness, the story ends with the trial and imprisonment of Ketan. But, his misfortune followed him a long way as now he was a convicted scamster and rogue investor in public opinion.
Only a handful of people know that Ketan is working hard and has been working to compensate for the loss. He repaid a huge amount of the borrowed money from banks lost in 2001, with a few transactions still under process. Unlike other fugitive businessmen, Ketan bravely faced the consequences and made infinite attempts to return the borrowed money from the banks.
The story of Ketan Parekh is fascinating and disheartening because nobody ever tried to know the truth. Ketan was framed, but he still showed his faith in Indian Judicial System and silently faced all the allegations against him. It’s high time that people should stop trusting the partial truth floating in the market and see beyond the framed truth.