A former stock broker Ketan Parekh got relief on Monday in Canfina Mutual Fund scam case. He is granted bail by the Supreme Court of India. Three other persons namely B R Acharya, M K Askok Kumar and Shrenik Jhaveri also got bail in the same case. All these are instrumental in a forge transaction in the 1992 stock scam. A special lower court awarded them one-year rigorous imprisonment following their name figured in the scam. Parekh had surrendered before a special court in August after four moths of case filing. Later they filed appeal in the Supreme Court and got relief.

The bail is granted by a bench of Justice Arijit Pasayat. The court found them guilty under Transactions in Securities Act. They were under bars for one year for siphoning off the money.

Ketan Parekh was also banned by the security and exchange board of India to participate in the operations of stock market. He was found accused of manipulating the share price of many companies in 2000-2001.