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Sharma denies role in 2001 market fall

Sharma denies role in 2001 market fall
PTI
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First Published: Sun, Feb 15 2009. 11 20 PM IST
Updated: Sun, Feb 15 2009. 11 20 PM IST
Mumbai: Shankar Sharma, vice-chairman of First Global Stockbroking Pvt. Ltd, on Sunday said he had had nothing to do with the fall in the market in early 2001, as charged by the stock market regulator. He was responding to the Securities and Exchange Board of India, or Sebi, order banning him from trading in shares for one year. “The data that we have managed to get from Sebi under RTI (right to information) itself shows that we were not even among the top 50 sellers in the market during the impugned period,” Sharma said.
On Friday, Sebi charged Sharma with having indulged in fictitious trading by taking opposite positions at First Global and Bang Equity Broking Pvt. Ltd, and by giving false orders to buy and sell shares. Sharma was originally issued a show-cause notice in July 2001, then in March 2004 and one more in March 2008 which contained new data before Friday’s order. Sharma had already approached the Bombay high court and the Sebi order has been stayed in advance by the court for four weeks.
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First Published: Sun, Feb 15 2009. 11 20 PM IST