Parekh was taken into custody by the CBI‘s Bank Security and Fraud cell and is to be produced in court today morning. The worst hit were again the new economy or ICE (information, communication and entertainment) stocks because it is here that Parekh had maximum exposure. The euphamistically called K-10 (ten favourite stocks of Ketan Parekh) counters like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms, Silverline, Pentamedia Graphics and Satyam Computer bore the brunt of investors wrath.

This is the second big scam involving banks and stock brokers after the securities scam of 1992 in which the infamous "Big Bull" Harshad Mehta was involved. That scandal involved the illegal channelling of bank funds of over RS 50,000 million into the stock market through the collusion of bankers, brokers, and public and private sector companies. Parekh‘s name was linked to this case as well but he was a relatively minor player then.

The CBI registered a case against Parekh after BOI filed a complaint Parekh had defrauded it. After the case was registered, the CBI raided Parekh‘s residential and office premises in Mumbai yesterday.

The stock markets went into a free fall on the last day of the settlement on BSE as panicky investors resorted to selling. The BSE 30-Share Sensitive Index (Sensex) fell by 147.18 points to 3604.38 from its previous close of 3751.56.

Finance Minister Yashwant Sinha, meanwhile, speaking in Delhi, said that the market regulator, Securities and Exchange Board of India (SEBI), was looking into the issue, indicating that some action could be taken only after its inquiry was over.

In a related development in Kolkata, CBI sleuths launched operations at the office premises of some leading stock broking firms after Parekh‘s arrest.

The Black Friday record: The Sensex tumbled by 107.67 points on 16 February, 140.39 points on 23 February, 176.49 points on 2 March, 174.98 points on 9 March, 74.12 points on 16 March and 78.69 points on 23 March.

India‘s most significant global convention of the entertainment industry, Ficci Frames 2001, organised by the Federation of Indian Chambers of Commerce and Industry, begins today at Hotel Regent, in Mumbai‘s western suburb of Bandra.

The two-day event will see major players from the entertainment industry, right from business leaders, representatives of the government‘s decision making bodies, stars, broadcasters, cable TV industry, and the advertising sectors out in force. They will be participating in the discussions, and workshops at the convention.

Its main idea: converge cinema, television, audio, cable, together and focus to bring about an upgradation of quality, content and professional management of the entertainment industry, similar to that seen in Hollywood.

Nearly 116 representatives of the various segments of entertainment from all over India will be present. Among those attending: Sushma Swaraj, union minister for information and broadcasting, Pawan Chopra, secretary, ministry of I&B, Anil Baijal, CEO Prasar Bharati; V Chandrasekaran, chairman and CEO Pentamedia Graphics Ltd; Amit Khanna, CEO Reliance Entertainment; Markand Adhikari, vice-chairman and managing director SABe TV; Shabana Azmi, MP; Ronnie Screwvala, chairman and MD UTV; Lalit Modi of Modi Entertainment; director Shyam Benegal, and film stars Amitabh Bachchan and Shah Rukh Khan.

Top-notch representatives of the entertainment world will also speak on issues and hold discussion panels. For instance Discovery chief Kiran Karnik, SET‘s Kunal Dasgupta, Bhuvan Lall, executive director IBF will be speaking on the regulatory framework of broadcasting.

Munesh Khanna, country had, corporate finance, Arthur Anderson, will make a presentation on the present status and future of the entertainment industry. Bonds contracts, insurance, and debt financing in the entertainment industry will also be brought up for discussion.

A lot is being promised, right from a glimpse into the business of story telling by Mahesh Bhatt to the art of content creation by Ekta Kapoor, creative head of Balaji Telefilms. Meanwhile, Ravina Raj Kohli, CEO HFCL Nine Broadcasting, will be talking on the business of commissioning programmes by TV networks and distinguished movie-maker Ramesh Sippy will speak on the relevance of big screen entertainment for the small screen.

Continuing CNN‘s restructuring exercise, Bruce Dover has been named managing editor CNN Asia Pacific, it was announced today by Ian Macintosh, senior vice president, CNN International, Asia Pacific. Dover will be responsible for CNN‘s television, website and integrated production in the region.

Dover will lead CNN‘s production and editorial teams based at its Hong Kong regional news headquarters. Reporting to Ian Macintosh, he will be responsible for integration of CNN‘s editorial output across all platforms and networks, according to a company release.

"Dover brings to this new position an impressive mix of editorial, managerial and business experience," says Macintosh. "Since joining CNN.com last year he has provided superior leadership, focus and innovation, ensuring the successful creation and launch of CNN.com/Asia. He is ideally qualified to drive the integration of our newsgathering, production and online operations in Hong Kong."

CNN‘s Hong Kong regional news hub consists of 85 staff who produce more than 31 hours a week of programming including six prime-time regional programmes broadcast live daily, plus CNN‘s first web site to be produced out of Asia, the newly launched CNN.com/Asia. The Hong Kong production facility is also the newsgathering headquarters for CNN‘s nine bureaus operating in the region, including the recently opened Sydney bureau.

Dover joined CNN in August 2000 from News Interactive, the Australian online division of News Corporation, where he was the executive general manager since October 1998. Previous to this he was vice president in China for News Corporation, based in Beijing. Concurrently, he was the founding chief executive of PDN Xinren Pty Limited, a joint venture with the People‘s Daily newspaper, which developed the first foreign joint venture Internet site, www.chinabyte.com.

Dover began his career as a political reporter for the Brisbane Telegraph newspaper. In 1986 he won The Graham Perkin Australian Journalist of the Year Award for his coverage in Asia.