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| SAT extends stay in Shankar Sharma case till Dec 11 |
| Press Trust of India / Mumbai Nov 25, 2009, 20:36 IST |
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 The Securities Appellate Tribunal (SAT), today 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 said here.
The 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.
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