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Kannadaguy (talk | contribs) (Created page with "{{pp-pc1}} {{pp|small=yes}} {{Short description|Indian stockbroker and businessman (1954–2001)}} {{EngvarB|date=May 2014}} {{Use dmy dates|date=July 2019}} '''Harshad Shan...") |
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{{Short description|Indian stockbroker and businessman (1954–2001)}} | {{Short description|Indian stockbroker and businessman (1954–2001)}} | ||
{{EngvarB|date= | {{EngvarB|date=March 2021}} | ||
{{Use dmy dates|date= | {{Use dmy dates|date=March 2021}} | ||
{{Infobox person | {{Infobox person | ||
| name = Harshad Mehta | | name = Harshad Mehta | ||
| Line 19: | Line 15: | ||
| criminal_penalty = 5 years rigorous imprisonment | | criminal_penalty = 5 years rigorous imprisonment | ||
| occupation = Businessman, [[stockbroker]] | | occupation = Businessman, [[stockbroker]] | ||
}}Of the 27 criminal charges brought against him, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001.<ref name="sebi1">{{cite web |title=Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001) |url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html |website=www.sebi.gov.in |publisher=SEBI (Securities and exchange board of India) |access-date=30 January 2018}}</ref> It was alleged that Mehta engaged in a massive [[stock manipulation]] scheme financed by worthless bank receipts, which his firm brokered for "ready forward" transactions between banks. Mehta was convicted by the [[Bombay High Court]] and the [[Supreme Court of India]]<ref name="SC upholds Harshad Mehta's conviction">{{cite news |title=SC upholds Harshad Mehta's conviction |url=http://articles.timesofindia.indiatimes.com/2003-01-14/india/27279459_1_securities-scam-conviction-mehta-and-two |access-date=14 October 2012 |newspaper=Times of India |date=14 January 2003}}</ref> for his part in a financial scandal valued at {{INRConvert|100|b}} which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the [[Indian banking|Indian banking system]] and the [[Bombay Stock Exchange|Bombay Stock Exchange (BSE)]] transaction system, and consequently the [[SEBI]] introduced new rules to cover those loopholes. He was on [[trial]] for 9 years, until he died at the end of 2001.<ref name="Hinduline">{{cite news |title=Admires of Harshad Mehta |url=http://www.thehindubusinessline.in/bline/2002/01/01/stories/2002010102180100.htm |newspaper=The Hindu Business Line}}</ref><ref>{{cite news |title=Harshad Mehta's scam unfold |url=http://www.rediff.com/money/2001/apr/19sebi1.htm |work=Rediff.com}}</ref> | }} | ||
'''Harshad Shantilal Mehta''' was an Indian [[stockbroker]]. Mehta’s involvement in the [[1992 securities scam|1992 Indian securities scam]] made him infamous as a [[market manipulation|market manipulator]].<ref>{{cite web |title=The securities scam of 1992 – CBI Archives |url=http://www.cbi.gov.in/fromarchives/harshadmehta_nw/harshadmehta.php |website=www.cbi.gov.in |publisher=CBI (Central Bureau of Investigation), India |access-date=22 May 2018}}</ref> | |||
Although, as reported by the ''Economic Times'', some financial experts believe that Harshad Mehta did not commit any fraud, he had "simply exploited loop holes in the system".<ref>{{Cite news|last=Menon|first=Shailesh|last2=Vyas|first2=Maulik|title=The Harshad Mehta case: Where time has overtaken justice by a mile|work=The Economic Times|url=https://economictimes.indiatimes.com/news/politics-and-nation/the-harshad-mehta-case-where-time-has-overtaken-justice-by-a-mile/articleshow/53052771.cms?from=mdr|access-date=2020-12-25}}</ref> | |||
Of the 27 criminal charges brought against him, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001.<ref name="sebi1">{{cite web |title=Action against Harshad Mehta, Videocon, BPL and Sterlite (Press release 19 April 2001) |url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html |website=www.sebi.gov.in |publisher=SEBI (Securities and exchange board of India) |access-date=30 January 2018}}</ref> It was alleged that Mehta engaged in a massive [[stock manipulation]] scheme financed by worthless bank receipts, which his firm brokered for "ready forward" transactions between banks. Mehta was convicted by the [[Bombay High Court]] and the [[Supreme Court of India]]<ref name="SC upholds Harshad Mehta's conviction">{{cite news |title=SC upholds Harshad Mehta's conviction |url=http://articles.timesofindia.indiatimes.com/2003-01-14/india/27279459_1_securities-scam-conviction-mehta-and-two |access-date=14 October 2012 |newspaper=Times of India |date=14 January 2003}}</ref> for his part in a financial scandal valued at {{INRConvert|100|b}} which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the [[Indian banking|Indian banking system]] and the [[Bombay Stock Exchange|Bombay Stock Exchange (BSE)]] transaction system, and consequently the [[SEBI]] introduced new rules to cover those loopholes. He was on [[trial]] for 9 years, until he died at the end of 2001.<ref name="Hinduline">{{cite news |title=Admires of Harshad Mehta |url=http://www.thehindubusinessline.in/bline/2002/01/01/stories/2002010102180100.htm |newspaper=The Hindu Business Line}}</ref><ref>{{cite news |title=Harshad Mehta's scam unfold |url=http://www.rediff.com/money/2001/apr/19sebi1.htm |work=Rediff.com}}</ref> | |||
==Early life== | ==Early life== | ||