Sebi bars MITL from market for two years

Market regulator Sebi has barred Mascon Information Technologies Ltd (MITL) from the securities market for a period of two years for alleged fraudulent trading by way of offloading shares through off market transfers to Ketan Parekh related entities.

MITL offloaded a large number of shares to entities related to Ketan Parekh, the main accused in the stock market scam in early 2000, during December 2000 to March 2001 period. In its order, Sebi said MITL by indulging in non-genuine transactions has "thus aided and abetted the Ketan Parekh related entities who, by their transaction in the scrip after receiving the shares from the noticee (MITL), created a false and misleading appearance of trading of shares of Mascon".

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