Fri Jan 03 15:03:36 UTC 2025: ## Veteran Stock Operator Ketan Parekh Accused of Front-Running Tiger Global Trade
**Mumbai, January 3, 2025** – The Securities and Exchange Board of India (SEBI) has revealed that veteran stock operator Ketan Parekh, infamous for market manipulation in the early 2000s, is again embroiled in controversy. SEBI’s interim order alleges Parekh and his associate, Rohit Salgaonkar, engaged in front-running trades, benefiting from advance knowledge of a large client’s transactions.
The client, identified through exchange data as the prominent US investment firm Tiger Global, sold a significant stake in PB Fintech on November 11, 2022. SEBI’s investigation found that Parekh, Salgaonkar, and others not only executed front-running trades but also participated on the buying side when Tiger Global offloaded its shares. The alleged front-running involved millions of shares.
SEBI’s 188-page order details how Parekh and his group coordinated their trades, profiting from their advance knowledge of Tiger Global’s sale. Exchange data confirmed that Tiger Global Holdings and its Internet Fund III PTE Ltd. sold a substantial number of PB Fintech shares on November 11th, 2022, across both the BSE and NSE. Screenshots of group chats allegedly showing Parekh instructing others on executing these trades are included in SEBI’s report.
This isn’t Parekh’s first brush with the law. He previously faced charges of market manipulation and pump-and-dump schemes, resulting in a 14-year ban from the stock market. This latest accusation reignites concerns about insider trading and market integrity. SEBI’s investigation is ongoing, and further action is expected.
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