This is definitely a bad news for Shankar Sharma, vice chairman and joint MD of First Global.
The Securities Appellate Tribunal (SAT) has dismissed his review petition against its earlier order upholding a SEBI order which barred him from accessing the securities market.
The SAT also barred Sharma from trading in the securities market for one year with immediate effect.
It all began with a SEBI order in February 2009 which found Sharma guilty of entering into fictitious, circular trades in 2001. In October 2009, SAT sided with SEBI following which Sharma approached the Supreme Court. The apex court also sided with SEBI dismissing the plea in February 2010.
But Sharma continued to trade as he had also filed a revision application with SAT saying that there were factual errors in the SAT order. This meant that the stay on the SEBI order would continue until the case was cleared at the tribunal.
SAT will come out with a final order on Shankar Sharma in one week's time but Sharma fate is sealed.
And with market regulator SEBI having even rejected an application from the UK-based subsidiary of First Global which sought registration as a foreign institutional investor citing Sharma's poor track record, the future of Shankar Sharma and his company First Global is under cloud.
SAT bans Shankar Sharma from trading in bourses
