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| SAT to hear Shankar Sharma plea on Feb 19 |
| Press Trust of India / Mumbai Feb 15, 2010, 21:41 IST |
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The Securities Appellate Tribunal (SAT) today said it would hear the review petition filed by First Global Stock Broking Vice-Chairman Shankar Sharma on February 19, challenging the tribunal's order that debarred him from entering the capital markets.
"The hearing in the Shankar Sharma case will be on February 19, along with the review application," presiding officer Justice N K Sodhi said here.
On February 14, 2009, the Sebi had banned the First Global vice-chairman and joint managing director from accessing the markets for a year, for his alleged role in the 2000-01 stock market scam created by stock broker Ketan Parekh.
The Sebi had found Sharma guilty of synchronising trade in some scrips that led to artificial volumes in those counters, leading to the market crash in 2000-01.
Following this he moved the SAT, which upheld the Sebi ban. Then Sharma in November last filed a review petition of the SAT ruling saying there were certain errors in the records and arguments in the SAT order.
Following this, SAT on November 3, 2009, allowed Sharma to appeal in the Supreme Court. Sharma moved the Supreme Court on December 11, 2009 challenging the Sebi ban, and on January 14 the apex court threw out his petition.
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