The Bombay High Court Monday set aside the condition that former stockbroker Ketan Parekh had to deposit Rs 27 crore with the Securities and Exchange Board of India (Sebi) to travel abroad for two weeks, instead directing him to deposit Rs 5 lakh as a security deposit. The court said it did not find the earlier condition reasonable and proportional to the objective of keeping him present for the trial.

Parekh, who was debarred from the stock market for 14 years due to his alleged role in a 2000-01 securities fraud case, is facing criminal charges before a special Sebi court in Mumbai .

He approached the high court against an order passed earlier this month, directing him to pay Rs 27 crore . While Sebi had stated that the deposit should be made as per an interim order passed in J

See Full Page