Sebi wont move SC against SAT order on First Global

Mumbai, Feb 25 | Updated: Feb 26 2005, 06:37am hrs
The Securities and Exchange Board of India (Sebi) will not challenge the order passed by the Securities Appellate Tribunal (SAT) exonerating Shankar Sharmas First Global Stockbroking Pvt Ltd and Vruddhi Confinvest India Pvt Ltd. Sebi had earlier cancelled their certificates of registration.

The former is a stock broking firm while the latter is a sub-broker in which Shankar Sharma and Devina Mehra are directors.

The decision to this effect was taken at the Sebi board meeting held at New Delhi on January 25, 05.

A senior Sebi official told FE, We pursued the matter with the board. Sebi was actively considering an option of moving to Supreme Court (SC) in this case but since the board advised against any such move, the plan was shelved.