In 1992, a massive scam happened in India’s stock market, which is famously known as Scam 1992. In this scam, many stockbrokers played a role with a preset schedule. One of these stockbrokers was Ajay Kedia.
Who is Ajay Kedia?
The Scam 1992 was planed by some stockbrokers, that Ajay Kedia was one of them. He’s based on Ajay Kayan, a stockbroker in real life and web series “Scam 1992” his name is Ajay Kedia. From 1980 to 1990, India’s stock market was handled by just a few prominent stockbrokers.
Harshad Mehta, Manu Manek, and Ajay Kayan, with other few stockbrokers, ruled the stock market. In this period in India’s stock market, the two strategies always had conflicts with each other. These strategies were the bull cartel and the bear cartel.
Due to BookMyShow, “There’s also stock and money market broker Ajay Kedia (Shadaab Khan) based on Ajay Kayan’s life. Kayan was also part of the bear cartel that opposed Harshad Mehta.”
“Kayan is a broker who was investigated and accused in the Securities scam of 1992 and had close links with Citibank at that time,” Sucheta Dalal said about Ajay Kedia/ Ajay Kayan.
There’s a web series made about Scam 1992, and In this series, all the available details and factors are well portrayed.
Kayan’s character in this series appears as a confident and robust stockbroker who was trading all the Calcutta Stock Exchange’s shares in the stock market. (Atur Mehta son of Harshad Mehta)
Kayan didn’t let even one of his opportunities be wasted, and he always used them to ruin Harshad Mehta. Ajay Kayan was always hungry to show that Harshad Mehta was an outsider to the inner circle of elite brokers.
Harshad Mehta was playing out of rules and did many frauds during his activation in the stock market. It causes reach him to the top of the Indian stock market in just a little time. Harshad Mehta has attracted all people because of his activities as “Bachchan of Dalal Street.”
Ajay Kedia Citibank
In the days which Ajay Kedia was one of the essential stockbrokers of the market, the money market was ruled by banks due to short-term credit. Banks were exchanging securities for money and, after 15 days was returning the money and receive securities. At that time, Ajay Kayan was very close with Citibank.
In the web series “Scam 1992,” people can recognize the close relationships between Ajay Kedia with Tyagi from Citibank.
According to RBI’s Janakiraman Committee, Citibank invited state-owned banks and other public sector companies to invest their wealth in its portfolio management services.
Citibank successfully persuaded some of these state-owned banks and government companies to invest their money in Citibank. All this invested wealth, provided to Ajay Kayan, stockbroker and others, later. They used this money in the stock market and financed the enormous short positions that the bear cartel often adopted.
Securities are fixed-income instruments, just like bonds. Citibank always suffered from significant losses that the tumble bond market brought to them. So, whenever the bond market took a tumble, Citibank sold its bonds at a higher price to brokers like Ajay Kayan. However, in return, Kayan managed short market positions with the capital provided by Citibank.
What happened to Ajay Kedia?
Let’s talk about Ajay Kedia’s and the bear cartel’s strategies in the market. It is the same as Harshad Mehta’s function in the market. But had one different, that Harshad Mehta went too far and was trapped into trouble.
After Sucgeta Dalal’s scathing expose, Ajay Kayan was one of the cases that considered a suspicious stockbroker fraud by the regulatory authorities. He did his job much better and never went to extremes like Mehta, which made it possible to clear his adverse history and charges. As a result, he was donated.
These days, Ajay Kedia/Ajay Kayan joined his father, Gouri Shankar Kayan, and run the stockbroking firm C. Mackertich & Co. After several pieces of research, the license of their firm got suspended by NSE, BSE, and the Calcutta Stock Exchange.
In the Telegraph lines, “The three bourses – the Bombay Stock Exchange, the National Stock Exchange, and the Calcutta Stock Exchange – had de-activated the trading terminals of C. Mackertich Ltd, as for all practical purposes it was the reincarnation of the now-defunct notified firm.
Despite the interim relief offered by the Calcutta high court, the CSE has decided to bar C. Mackertich Ltd from trading because its membership stands ‘impounded.'”
Currently, Ajay Kayan has his own stock company named SMIFS Limited.
Ajay Kedia real life/real name
In the web series “Scam 1992,” he named “Ajay Kedia,” but in real life, his name is “Ajay Kayan.” People mostly get confused between Ajay Kedia and Vijay Kedia.