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May 26, 2001
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Money > Business Headlines > Report May 26, 2001 |
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Sebi upholds ban on First GlobalBS Markets Bureau The Securities and Exchange Board of India on Friday confirmed its earlier order debarring Shankar Sharma, Devina Mehra, First Global Stock Broking Pvt Ltd, Vrudhi Confinvest Pvt Ltd and First Global Finance Pvt Ltd from undertaking any fresh business as stock brokers, merchant bankers or portfolio managers, pending further enquiries. A separate order appointing an enquiry officer to probe into the alleged violations by the First Global group is expected to be passed within a week, Sebi said in a release. The enquiry officer, after consulting the material available on the basis of investigations so far and the material, which may be further supplemented, will expeditiously complete the proceedings after following the procedure in the regulations, Sebi said. In a late evening 3-page release, First Global said it "is totally innocent and has never been in contravention on any law or regulation." First Global further said the regulator had failed to give a reasoned order. Friday's Sebi order upheld an earlier order passed by Sebi barring the First Global group from undertaking any business related to the capital markets. Sharma subsequently moved the Bombay High Court against the order, which was dismissed after Sharma said that the group would voluntarily refrain from doing business. The court directed Sebi to conduct hearings and pass a reasoned order within seven days. The order was passed under Section 11B of the Sebi Act, 1992. Powered by YOU MAY ALSO WANT TO READ:
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