Mumbai, Sep 30 (PTI) A special SEBI court in Mumbai on Tuesday rejected a plea by former stockbroker Ketan Parekh, a key accused in a securities scam dating back more than two decades ago, seeking permission to travel abroad.

Parekh is facing criminal charges for his alleged role in the 2000-2001 scam that resulted in him being debarred from the stock market for 14 years.

A detailed court order was not immediately available.

Market regulator Securities and Exchange Board of India (SEBI), the prosecuting agency, has claimed Parekh executed the offence with the aid and active connivance of other accused persons, which resulted in creating an artificial market for the scrip of Lupin Laboratories and large-scale manipulation of the price of the said share.

He had moved a petition before special SEBI court judge S M Jadhav seeking permission to travel abroad for a family vacation and to attend weddings between October 4, 2025, and February 3, 2026.

According to the plea, Parekh wanted to visit destinations such as the UK, the UAE, Singapore, Thailand, Sri Lanka, South Africa, the European Union, and Georgia.

Opposing the plea, the market watchdog pointed out that multiple cases are pending against the key accused before the special court.

These cases are at various stages of trial and have been filed on the grounds of large-scale securities market manipulations carried out and masterminded by the accused, the SEBI argued.

The regulator further submitted that the accused has not filed any detailed itinerary pertaining to the extensive travel being contemplated over a period of four months.

The SEBI stressed Parekh and his related entities have filed the plea "not only with a sinister motive to avoid the surveillance of the market regulator and avoid court proceedings, but also try to settle in foreign country".

It emphasised the case is at the stage of evidence and the presence of the accused was paramount at the current juncture.

"The prosecution is of the firm belief, considering the conduct of the accused in the securities market, he is a major flight risk and the likelihood of him returning to India is very dim," the SEBI submitted.

The regulator contended that if permitted to travel abroad, monitoring Parekh's activities or communications would be impossible.

The court, concurring with the SEBI's submissions, rejected Parekh's plea. PTI AVI RSY

Travel permission denial for accused in securities manipulation case stresses flight risk and need for presence during evidence. The court denied an accused's request for foreign travel in a pending securities manipulation prosecution after the regulator argued ongoing trials require the accused's presence at the evidence stage, that extensive travel without a detailed itinerary would impede supervisory oversight, and that the applicant constituted a flight risk likely to evade regulatory surveillance and court proceedings.