India, Nov. 19 -- The Bombay High Court on Monday quashed a trial court's order which allowed former stockbroker Ketan Parekh, currently under SEBI's scrutiny, to travel abroad only if he deposited a sum of Rs.27 crore. Holding that the condition was "disproportionate", the court has now imposed a Rs.5 lakh deposit instead if Parekh wants to travel abroad.

Parekh was convicted in 2008 for being involved in a large-scale manipulation of the securities market from late 1998 to 2001. He is being prosecuted for several cases by the Securities and Exchange Board of India (SEBI), and investigations have revealed that Parekh, along with others, violated the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market...