MUMBAI, 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 set a Rs.5 lakh deposit instead. 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). Parekh allegedly artificially rigged the prices of some chosen securities using large sums of money borrowed from banks including the Madhavpura Mercantile Co-operative Bank, of which he was a director. After being arrested in 2014, Parekh was released on bail by a trial court in 2016 on condition that he cannot leave the country without the court's permission. On October 14 this year, Parekh asked the court if he could travel abroad for personal reasons. SEBI opposed his application and told the court that it had issued a show-cause notice to Parekh and others in January this year regarding a matter of over Rs.65 crore, and restrained him from any trading in securities. SEBI said that while the others had deposited Rs.38.70 crore from the contested Rs.65 crore, Parekh was expected to deposit the remaining Rs.27 crore. At the time, the trial court directed him to deposit the Rs.27 crore if he wanted to leave the country. However, a single-judge bench of justice NJ Jamadar held that the right to travel abroad has been considered a part of the right to life and personal liberty, therefore Parekh cannot be subjected to unreasonable and arbitrary restrictions, even when he is facing prosecution....