May indulge in illegal activity if given blanket permission: Court on Ketan Parekh’s plea

In the detailed order rejecting the plea, the court said, “… I found that it would not be expedient in the national interest and economy of the country to permit the applicant/accused to travel abroad for a longer period of four months, that too without specific details except the details in respect of the wedding ceremony of close relatives and acquaintances. The possibility of applicant/accused indulging in such unlawful activity in contravention to the securities law can not be ruled out if such blanket permission for a period of four month is granted to the applicant/accused.”

Parekh, through his lawyer Mohan Rao, had cited that he had been granted permission in the past to travel abroad, including by the Supreme Court.

It was also submitted that the right to travel abroad is a basic human right. It was cited that he was last given such permission to travel from December 2024-March 2025.

The Securities and Exchange Board of India, however, had opposed his plea, stating that an interim ex parte order was passed against him by a whole time member in January and that the regulatory body has an apprehension that the foreign travel may be used to “as a cloak to disguise ongoing illegal activity.”

It had also said that a blanket permission to travel for four months would make it difficult to trace his activities.
The court said that in the criminal case faced by Parekh under the SEBI Act, the charge has been framed and the trial is to commence with SEBI ready to lead evidence.

“In the case in hand, the applicant/accused has prayed for a long period of four months which can not be considered on the basis of material placed on record by the SEBI in respect of the involvement of the applicant/accused in the illegal activities in contravention with the securities law. Hence, the application in hand is liable to be rejected,” the court said.

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