SAT adjourns hearing on Shankar Sharma case till Jan 27

The Securities Appellate Tribunal today adjourned till January 27 the hearing on a petition by brokerage house First Global's Shankar Sharma against a SEBI order banning him from trading in markets for his alleged role in manipulating prices of certain scrips.

"On the request of counsels from both the sides the case has been adjourned till January 27," presiding Officer Justice N K Sodhi said here today.

Earlier, the Securities Appellate Tribunal (SAT) had deferred the hearing on the case till January 15 and asked market regulator SEBI to reply to a review petition filed by Sharma, the Vice-Chairman and Managing Director of the fund house, before the hearing.

Sharma had filed a review petition on November 25 on SAT's ruling upholding SEBI's ban order, on the grounds that there were certain errors in the records and arguments in the order of the appellate authority.

SEBI has found Sharma guilty of synchronising trade in certain scrips which resulted in creation of artificial volumes in those scrips.