Mumbai: The Securities Appellate Tribunal
(SAT), on Wednesday extended the stay in the case of Shankar Sharma of First Global Stock Broking till December 11 from November
30.
The extension of the stay is against the SEBI order which
barred Sharma from trading in the market for a period of one
year.
The stay has been extended to hear the review petition
filed by Sharma as there are certain errors on the face of
record and arguments, a company official said.
"The stay in the case (of Shankar Sharma) has been
extended till December 11 as we have filed a review petition
for review of the SAT order dated October 28," First Global
Stock Broking Group CFO, Neeraj Khanna, told PTI here.
SAT on October 28 dismissed the appeal of Sharma against
the SEBI order dated February 13, 2009, which prohibited him
from trading in securities market for one year.
"We had filed a review petition as there are certain
errors on the face of the record and some of the arguments of
the appellant (Shankar Sharma) have not been considered in the
SAT order," Khanna said.
Sharma, who is the Vice-Chairman and Joint Managing
Director of First Global Stock Broking, has been found guilty
of synchronising trades in certain scrips.
PTI
