Shankar Sharma given 4-weeks time to appeal in SC

The Securities Appellate Tribunal (SAT) today gave Shankar Sharma of First Global Stock Broking four weeks time to appeal in the Supreme Court against the Sebi order that barred him from accessing the securities market for a year.

Sharma is the Vice-Chairman and Joint Managing Director of First Global Stock Broking.

"Our order of October 28, 2009 (dismissing Sharma's appeal against Sebi) will not be given effect to for a period of four weeks from today to enable the applicant to file an appeal in the Supreme Court," SAT said.

Shankar Sharma had asked for time to appeal to the Supreme Court from today.

The order of market regulator Sebi for not allowing Sharma to take part in securities market would not come into effect till November 30, it said.

"We accordingly direct that our order shall remain in abeyance till November 30, 2009," SAT said.

In February this year, Sebi prohibited Sharma from buying, selling or dealing in securities and from associating with the securities market in any manner for one year.

This order had been stayed by SAT on March 9, 2009, till the finalisatiom of the appeal.

Sharma has been found guilty of synchronising trades in certain scrips.