The Securities Appellate Tribunal (SAT) on Monday stayed the market regulator SEBI's order against Shankar Sharma, director of brokerage firm First Global, till final disposal of appeal on April 13, media said. Shankar Sharma also has a 100 percent stake in Vrudhi Confinvest India.
On February 13, SEBI had issued an order banning Sharma from taking part in trading activities for one year for allegedly indulging in fictitious trading in 10 securities ((Global Telesystems, HFCL, DSQ Software, Zee Telefilms, Wipro, Satyam Computers, MTL, SBI, Infosys Technologies and Sterlite Opticals) that led to a crash in 2001 on the Bombay Stock Exchange.
The SEBI order said that Sharma had made a concerted attempt to interfere with the smooth functioning of the market and had acted in a manner, which erodes the confidence of investors, adversely affecting the integrity and the healthy growth of the market. The SEBI order was to come into effect on March 17.
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