SAT adjourns hearing on Shankar Sharma case till 27th January
January 15, 2010
The Securities Appellate Tribunal (SAT) on Friday adjourned 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 shares, till 27th January.
"On the request of counsels from both the sides the case has been adjourned till 27th January," presiding officer, Justice NK Sodhi, said in Mumbai today.
Earlier, SAT had deferred the hearing on the case till 15th January and asked market regulator SEBI to reply to a review petition filed by Mr Sharma, the vice chairman and managing director of the brokerage house, before the hearing.
Mr Sharma had filed a review petition on 25th November on SAT's ruling upholding SEBI's ban order, on the grounds that there are certain errors in the records and arguments in the order of the appellate authority.
SEBI has found Mr Sharma guilty of synchronising trade in certain shares which resulted in creation of artificial volumes in those shares.