Ketan Parekh was caught in a fraud by SEBI again. Here's a fun read
2025.01.19 10:30 tareekpetareek Ketan Parekh was caught in a fraud by SEBI again. Here's a fun read
Original Source: https://boringmoney.in/p/ketan-parekhs-buddies-were-front [my newsletter Boring Money, if you like what you read do visit the original link to subscribe and receive future posts directly in your inbox]
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If you’re a large fund managing billions of dollars and looking to buy a stock, you would typically call one of two people:
- Your favourite stockbroker.
- Your favourite investment banker.
What if you mixed things up? If you went to your broker to buy a stock that was less liquid and to your investment banker for a stock that was more liquid? [1] That would not make sense. If you placed a large order for a stock without enough sellers, the price of the stock would shoot up. You might not get the stock at the price that you want. And if the stock happens to be liquid, why would you want to pay a middleman fee to an investment banker in the first place? [2]
Here’s a SEBI order from earlier in the month about how Capital Group, a large American $2.7 trillion fund manager, was defrauded. The order doesn’t actually name Capital Group—it’s supposed to be the victim, after all—but the entire reason Capital could be defrauded was that the company, instead of calling up its stockbroker, called up its investment banker. Wait, scratch that. Capital didn’t even call up an actual investment banker, it called up some random guy named Rohit Salgaocar with a no-name financial services firm in Singapore.
A $2.7 trillion fund manager took its trades to a random guy and those trades ended up being front-run. The random guy and his accomplices made at least ₹65 crore ($7.5 million) in the process. Fun!
Passing the information When Capital Group’s traders wanted to buy a stock, they went to Rohit Salgaocar. Salgaocar didn’t work at an investment bank, he just had his own firm registered in Singapore called Strait Crossing, which doesn’t even have a website. Salgaocar’s apparent job was to arrange for sellers for whatever stock Capital wanted to buy.
When Capital’s traders told him about the stock they wanted to buy, Salgaocar passed it on to Ketan Parekh, a financial fraudster with a well-known history. Here’s Salgaocar’s statement to SEBI:
Salgaocar told SEBI that his job was to look for sellers for Capital Group (the Big Client). And yet, he almost always took the the trades to Ketan Parekh. Did it worry him that Parekh had a history of financial fraud?
Oh well, low bar.
Once Ketan Parekh got his information, he activated a network of brokers and traders (at least 16 of them) who did exactly what Parekh asked them to do. Here’s an example. On September 19, 2022 at 9:59 am, Capital’s traders messaged Salgaocar telling him that they were in the market to buy HDFC stock. Within 4 minutes, Parekh told his buddies that they should start buying HDFC shares. By 10:33 am, they confirmed that they bought 100,000 HDFC shares at ₹2,433.32 each.
Next, and I don’t know what calculation they ran through their heads, but Salgaocar got back to Capital’s traders and offered HDFC’s shares at ₹2,446 per share, that’s ₹12.68 more than their buying price. Capital wanted 250,000 shares and placed its huge orders for HDFC, and Parekh and buddies sold their shares to Capital. They made ₹12.6 lakh ($14, 700) on this trade.
Some interesting points! Capital wanted to buy 250,000 shares but Parekh’s group had only bought 100,000. Yet Capital was able to get all the shares it wanted from the market at the price it wanted. Only about 40% of the 250,000 shares it bought came from Parekh. HDFC was a liquid stock! There was no need to whip up sellers to show up, they were always already there! The profit that Parekh made came from the price difference which Capital could have taken directly.
That’s how a bunch of other trades worked as well. In some situations, Capital wanted to sell a particular stock, and Parekh’s buddies shorted that stock instead. Everything put together, SEBI figured that Parekh and buddies made ₹38.7 crore ($4.5 million) by front-running Capital’s trades.
The known unknown Rohit Salgaocar is an interesting guy. There is no mention of his credentials anywhere and no one is sure why or how Capital Group engaged him as a middleman. From SEBI’s order:
Capital’s traders communicated with Salgaocar on Bloomberg Chat and that’s as official as it can get for finance folks. Yet, there was no real agreement between the two. They were passing on valuable information to some guy who didn’t technically owe them a thing.
Salgaocar didn’t have an agreement with Capital Group, but he did have one with two large Indian stockbroking firms—Nuvama (earlier Edelweiss) and Motilal Oswal. Once Salgaocar got Parekh’s go-ahead, he would ask Capital’s traders to place their orders through one of Motilal or Nuvama. The agreement with the two brokers was that 75% of the brokerage they made would be Salgaocar’s fee. A referral fee for bringing in such a large client’s trades to them.
Salgaocar made ₹27.06 crore ($3 million) in the ~2 year period that SEBI investigated. This isn’t money he made shadily via front-running. This is money the brokers gave him because they felt they owed it to him legally! Salgaocar was making legal money but chose to help Ketan Parekh make some illegal money as well?
None of this makes sense! Why did Salgaocar pass on Capital’s trades in spite of making millions anyway? Why did Capital go to the broker Salgaocar liked and not the one that made the most sense for them? Even if Salgaocar was presumably bringing in sellers, and Capital knew that he is getting referral fees from the brokers, couldn’t it just cut the fees and negotiate a lower brokerage instead?
Everyone’s connected Here’s what I wrote last year for another front-running case:
Sometimes life is easy for SEBI, sometimes it isn’t. This particular case needed quite a bit of effort into proving that everyone was connected with one another. In the end SEBI did make a pretty compelling case.
Salgaocar’s involvement in the front-running seems to have been limited to the initial information collection phase. Once he passed on the information to Parekh, SEBI’s job was cut out to show that Parekh and his buddies interacted with each other in ways that would prove that they were trading based on Capital Group’s information
First, SEBI seized everyone’s mobile phones and read all the WhatsApp chats. [3] From those chats, it figured out which were the chats with Parekh. That was quite a task. From the SEBI order:
Parekh had at least 10 different mobile numbers, and those numbers were saved with dummy names on the phones of Parekh’s buddies. The mobile numbers weren’t registered in Parekh’s name, so SEBI had to prove that the numbers indeed were used by Parekh. One way it did that was by getting the location history of the phones from Parekh’s network operators. There were some situations where the phones were showing up together in the same location.
It’s a bit funny where they were spotted—at hotels where the Parekhs were attending weddings. SEBI wrote to each hotel to confirm that Parekh did actually stay there:
The hotel manager would not have expected to receive an email from the securities regulator! All the hotels were more than happy to share exactly when Parekh stayed with them and even his room number.
Parekh attended 4 weddings in 6 months. Being a social butterfly has its downsides.
Pay up This is bound to be the first of at least a couple of SEBI orders about this episode. To start with, SEBI wants to impound the ₹65 crore that Salgaocar, Parekh and the buddies made from the front-running. Salgaocar is a Singapore citizen though and made more than 40% of that money. I’m curious about how that’s going to turn out.
Footnotes
[1] I’m using the weird terms “less liquid” and “more liquid” because technically anything such a large fund buys has to be liquid. It’s not going to be able to buy truly illiquid stocks. So it’s just a matter of how liquid.
[2] There are other services that investment banks can offer. For instance, they can also buy shares on their own balance sheet if the fund’s willing to pay up for that privilege. Or they can help execute block trades at a fixed pre-decided price.
[3] How is it that they haven’t discovered automatically disappearing chats yet? SEBI’s case almost entirely relied on reading chats on WhatsApp.
Original Source: https://boringmoney.in/p/ketan-parekhs-buddies-were-front
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2025.01.19 10:30 Namilabari Coffee Table Woodworking Plans: A Comprehensive Guide to Crafting Your Own Piece of Art
1. Introduction Coffee tables are not just functional furniture pieces; they serve as a focal point in living rooms, setting the tone for your home’s décor. While buying a pre-made coffee table might seem like the simplest option, there's something special about building your own. Woodworking allows you to create a piece that perfectly suits your style, needs, and space.
DIY woodworking projects offer a sense of accomplishment and the opportunity to craft custom designs, whether you’re a seasoned woodworker or just starting out. Building your own coffee table lets you experiment with different woods, finishes, and designs to create a truly unique item. Plus, it’s a cost-effective alternative to purchasing a mass-produced table.
In this guide, we’ll take you through everything you need to know about crafting your own coffee table—from planning the design to choosing materials, tools, and finishes. By the end of this guide, you’ll be equipped to tackle your woodworking project and create a stunning coffee table that complements your home.
<<< Transform Your Workshop: 16,000 Woodworking Plans at Your Fingertips! >>> 2. Planning Your Coffee Table Project Before jumping into the woodworking process, it’s essential to plan your coffee table project. This phase is crucial as it helps avoid mistakes down the line and ensures your table will fit perfectly in your space.
Defining the Purpose of Your Coffee Table Coffee tables come in various forms, and each serves a different purpose. Some are primarily functional, and designed for holding drinks, books, or remote controls. Others serve as storage tables, offering hidden compartments for magazines or blankets. Some are more decorative, designed to showcase your personal style with intricate designs or unique materials.
Decide on the primary function of your coffee table. Do you need extra storage space? Would you prefer a minimalist design? Answering these questions will guide your decisions on size, shape, and features.
Assessing Available Space Measure the space where you plan to place the coffee table. The ideal coffee table size should be proportional to the furniture around it. For example, a table that is too large may overwhelm a small seating area, while a table that is too small might look lost in a spacious room.
Design Sketching Once you have your measurements, sketch your design. It doesn’t have to be a professional blueprint, but a simple drawing will help you visualize the project and make adjustments before cutting any wood.
Choosing the Style Whether you lean toward modern, rustic, industrial, or Scandinavian styles, selecting a design that complements your existing furniture will create a cohesive look. You can search online for inspiration, or if you’re feeling creative, sketch out your own unique style.
3. Tools and Equipment Needed To complete your coffee table project, you’ll need a range of tools, from basic hand tools to more specialized equipment. Here’s a list of the essential tools you’ll need:
Essential Tools for Woodworking
- Saw: A circular saw, miter saw, or jigsaw will allow you to cut your wood to size.
- Drill: You’ll need a power drill for drilling holes for screws and attaching hardware.
- Sander: A hand sander or orbital sander will help smooth out rough surfaces.
- Clamps: To hold your pieces in place while the glue dries.
- Measuring Tape: For accurate measurements.
- Jigsaw: For more intricate cuts or rounded corners.
- Router: For adding decorative edges to your table.
- Circular Saw: A great tool for straight cuts in large pieces of wood.
- Goggles and Safety Glasses: To protect your eyes from flying debris.
- Gloves: For protecting your hands while handling tools and wood.
- Dust Mask: To prevent inhaling sawdust.
Types of Wood: Hardwood vs. Softwood There are two main categories of wood used in woodworking: hardwood and softwood. Both types have distinct characteristics that make them suitable for different applications.
- Hardwood: Hardwoods, like oak, walnut, and maple, are dense and durable. They tend to be more expensive but offer greater strength and an elegant finish. Hardwoods are ideal for coffee tables, as they can withstand daily use and heavy objects.
- Softwood: Softwoods like pine, cedar, and fir are easier to work with and less expensive. While they are less dense than hardwoods, they still make excellent choices for DIY projects, especially for simpler, rustic designs.
- Oak: Known for its strength and attractive grain, oak is a popular choice for coffee tables. It’s available in different varieties, such as red and white oak, which offer slightly different color tones.
- Maple: Maple is a dense, strong wood with a fine grain. It takes stain well and is ideal for tables that will undergo heavy use.
- Walnut: Walnut is a premium hardwood, famous for its rich, dark color and elegant grain patterns. It’s perfect for a high-end, luxury look.
- Pine: A budget-friendly option, pine has a light color and a rustic appearance. It’s easy to work with, making it a great choice for beginner woodworkers.
- Glass: A glass tabletop can provide a sleek, modern look. It pairs well with wooden or metal bases for an industrial or minimalist style.
- Metal: Incorporating metal legs or accents can add an industrial touch to your coffee table. Steel, iron, and brass are all popular options.
- Alternative Woods: For an eco-friendly option, consider reclaimed or salvaged wood. It adds a rustic charm while promoting sustainability.
- Stain: Staining enhances the natural color and grain of the wood. Choose a light stain for a more rustic look or a dark stain for a rich, elegant finish.
- Paint: Painting the coffee table can add a pop of color or give it a more modern, uniform appearance.
- Polyurethane: A clear polyurethane finish adds a glossy layer of protection and enhances the wood’s natural look.
Step 1: Cutting the Wood to Size Start by measuring and marking the dimensions of your coffee table pieces. You’ll need four legs, a base frame, and a tabletop. Use a saw (circular or miter saw) to cut the wood to the proper lengths. Always measure twice and cut once to ensure accuracy.
Step 2: Assembling the Base Frame The base frame is the foundation of your table. Begin by attaching the legs to the frame using wood screws and wood glue. Make sure the joints are square, and use clamps to hold everything in place while the glue dries.
Step 3: Attaching the Tabletop Once the base is secure, it’s time to attach the tabletop. If you're using a solid wood piece, simply attach it to the base with screws. If you’re using a glass or metal top, you may need additional hardware like brackets or supports.
Step 4: Sanding and Smoothing the Edges Sanding is essential for achieving a smooth surface. Use a hand sander or orbital sander to smooth out any rough edges, joints, and surfaces. Start with a coarse grit sandpaper and gradually move to finer grits to achieve a flawless finish.
Step 5: Staining or Painting the Table After sanding, it’s time to add your desired finish. Apply wood stain or paint evenly, following the grain of the wood. Allow the stain to dry completely before applying a protective layer of polyurethane to ensure the table is durable and resistant to wear and tear.
<<< Transform Your Workshop: 16,000 Woodworking Plans at Your Fingertips! >>> 6. Advanced Coffee Table Designs Once you’ve mastered the basics of building a simple coffee table, you can take your woodworking skills to the next level by incorporating more complex designs and features.
Creating Intricate Designs If you want to create a more decorative piece, consider adding features such as:
- Drawer Tables: Incorporating hidden drawers into your coffee table provides additional storage space. This is ideal for keeping remote controls, magazines, and other small items out of sight.
- Foldable Coffee Tables: A foldable design can be a functional option for small spaces. You can build a table that folds down to a smaller size when not in use or expands to accommodate guests.
Decorative Elements You can further enhance the visual appeal of your coffee table by incorporating decorative elements such as:
- Inlays: Add intricate patterns using different types of wood or even metal pieces for an eye-catching effect.
- Carving: If you’re feeling particularly creative, try carving detailed designs or patterns into the tabletop to add a personalized touch.
- Work in a Well-Ventilated Area: Sawdust and fumes from paints or finishes can be harmful. Always work in a space with good airflow, and wear a dust mask when sanding or cutting wood.
- Handle Power Tools with Care: Always read the manuals for your tools and ensure you understand how to use them correctly. Never bypass safety features, and make sure the tools are in good working condition.
- Keep Your Workspace Organized: A cluttered workspace can lead to accidents. Keep tools, wood, and materials organized and within easy reach to prevent unnecessary movements while working.
Miscalculating Wood Measurements Accurate measurements are the foundation of any woodworking project. One of the most common mistakes is miscalculating the size of the tabletop or legs, leading to mismatched parts or an unbalanced table. Always double-check your measurements before cutting, and take time to plan the layout carefully.
Overlooking Wood Grain and Texture The grain and texture of the wood can significantly affect the final look of your coffee table. It's essential to consider the wood grain’s direction and how the stain or finish will highlight or obscure it. For instance, cutting against the grain can result in rough surfaces that are hard to smooth out.
Not Accounting for Drying Time Whether you’re gluing parts together or applying finishes, drying time is crucial. Rushing the process can result in weak joints or a finish that isn't properly cured, leading to peeling or staining. Make sure to allow enough time for each phase to dry before moving on to the next step.
Skipping Sanding Sanding may seem like a tedious task, but it’s essential for a smooth, professional finish. Skipping this step or rushing through it will leave visible rough spots, which can detract from the overall quality of your table. Take your time and sand thoroughly at each stage.
<<< Transform Your Workshop: 16,000 Woodworking Plans at Your Fingertips! >>> 9. Finishing Techniques for Coffee Tables A proper finish not only enhances the look of your coffee table but also ensures its longevity. Here are some common finishing techniques to consider:
Staining and Painting Options
- Wood Stains: Staining is ideal for enhancing the natural beauty of the wood grain while adding color. Choose a light stain for a natural look or a dark stain for a more sophisticated appearance. Apply the stain evenly, working with the wood grain.
- Painting: If you prefer a uniform, modern look, painting your coffee table is a great option. Consider using a durable furniture paint or chalk paint for a matte, vintage finish. Don't forget to apply a protective topcoat after painting.
- Polyurethane: A polyurethane finish offers a glossy, durable coat that protects the wood from spills and scratches. It’s ideal for coffee tables that will see heavy use.
- Lacquer: Lacquer provides a high-gloss finish that dries quickly. It’s great for creating a sleek, modern look.
- Wax: Wax finishes provide a soft, satin sheen. They’re less durable than polyurethane but are perfect for creating a vintage or antique look.
- Sand between coats of stain or paint to remove imperfections and ensure a smooth surface.
- Apply thin, even layers to avoid drips and streaks.
- Allow each coat to dry thoroughly before applying the next one to achieve the best results.
Mixing Materials Experiment with mixing different materials, such as wood and metal, for a modern, industrial look. For example, combine a wood tabletop with steel legs or a reclaimed wood surface with glass inlays.
Incorporating Storage For added functionality, design your coffee table with built-in storage. Hidden drawers or a shelf underneath the tabletop are perfect for storing books, magazines, or remote controls. This is especially useful in small living spaces.
Using Live Edge Wood Live edge wood, which retains the natural contours of the tree, creates a beautiful, organic look. It works particularly well for rustic or bohemian-style coffee tables. Each piece of live edge wood is unique, adding character and charm to your table.
Metal Accents Adding metal elements, such as decorative hardware, rivets, or metal legs, can transform a simple wooden table into a stylish statement piece. Whether you’re going for an industrial vibe or something more contemporary, metal accents add strength and sophistication.
Glass Tabletops A glass tabletop can be an elegant choice, particularly when paired with wooden or metal bases. Glass creates a sleek, modern look and allows the natural beauty of the base materials to take center stage. Additionally, a glass top is easy to clean and maintain.
11. Maintenance Tips for Your Coffee Table To ensure your coffee table lasts for years to come, regular maintenance is essential. Here are some tips for keeping your table in top condition:
Caring for Different Types of Finishes
- Wooden Finishes: Dust your table regularly to avoid buildup. For tables with polyurethane or lacquer finishes, wipe them down with a soft cloth. For waxed finishes, reapply the wax every 6 to 12 months.
- Painted Finishes: Painted tables can accumulate scuffs or chips. Touch up any areas that show signs of wear to keep the table looking fresh. Use a matching paint or a clear coat to protect the paint.
Regular Cleaning To clean your coffee table, use a gentle cleaner that’s safe for wood, paint, or glass (depending on the materials). Avoid harsh chemicals that could damage the surface. For glass tops, use a streak-free glass cleaner.
<<< Transform Your Workshop: 16,000 Woodworking Plans at Your Fingertips! >>> 12. Conclusion Building your own coffee table is a rewarding woodworking project that allows you to create a custom piece of furniture tailored to your style and needs. From planning and selecting materials to the final finishing touches, this guide has provided you with the knowledge and tools to tackle your coffee table project with confidence.
Whether you choose a simple design or an advanced, intricate style, woodworking is an enjoyable and fulfilling craft. The final result—a beautiful, functional coffee table—will be a source of pride and a stunning addition to your living room.
By following this guide and embracing creativity, you can craft a coffee table that reflects your personal style and enhances the décor of your home. Happy woodworking!
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