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May 21, 2001
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Money > Business Headlines > Report May 21, 2001 |
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FII sub-accounts dealt 51-94% of total transactions in KP stocksRakesh P Sharma The Securities and Exchange Board of India's preliminary investigation report, submitted to the joint parliamentary committee, said certain sub-accounts of foreign institutional investors have been predominantly transacting in the scrips that have been identified with Ketan Parekh and his entities. "A curious pattern of transactions is observed in dealings of these sub-accounts," the Sebi report said. Sebi has idenitifed Coral Reef Investments Co Ltd, CAL FP (Mauritius) and DBMG of Mauritius, the sub-account of FIIs RP&C International, Credit Agricole Lazard Fin Prod and Deutsche International Trust Corp CI Ltd, respectively, transacting, by and large, only in HFCL, Zee, DSQ Software, Silverline, Global Tele-Systems, Global Trust Bank, Aftek Infosys, Mascon Global and Lupin Laboratories. These scrips are part of the popular K-10 group. The transactions through these sub-accounts in these scrips ranged from 51 per cent to 94 per cent of their total transaction in value terms. Sebi report said: "The gross purchase and sale transactions are of very substantial nature in value being around Rs 1470 billion during last one and half years. Most of these transactions have been put through broking entities connected with Ketan Parekh." Another sub-account used extensively for transaction in identified scrips of Ketan is Kallar Kahar Investments of the FII Credit Suisse First Boston. The report said that the broking arm of CSFB has been very frequently used for the transactions of the entities connected or controlled by Ketan Parekh like Panther Fincap, Classic Credit and Luminant Investments. The Sebi report said that there is widespread misuse of investment and automatic repatriation facility in Indian market given to FIIs through a system of what is known as participatory notes. This mechanism of trading through participatory notes signifies a possible misuse of the automatic repatriation facility in the country. Powered by YOU MAY ALSO WANT TO READ:
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