First Global’s Vice-Chairman Shankar Sharma, responding to Sebi’s order banning him from trading in shares for one year, today said he had nothing to do with the fall in the market in early 2001 as charged by the regulator.”The data that we have managed to get from Sebi under RTI itself shows that we were not even among the top 50 sellers in the market during the impugned period,” Sharma said.

Sebi, in an order released on Friday, charged Sharma as having indulged in fictitious trading by taking opposite positions at First Global Stock Broking and Bang Equity, another broking firm owned by late Nirmal Bang and by giving false orders for purchase and sale of shares.

Sharma was originally issued a showcause notice in July 2001, then in March 2004 and one more in March 2008 which contained new data before the order was passed on Friday.

Sharma, sensing action from Sebi, had already approached the Bombay High Court and the Sebi order has been stayed in advance by the HC for four weeks. “We’ll approach the appropriate forum for appeal (like SAT),” Sharma said.

The press note said that even after factoring new data by Sebi, mentioned in the showcause notice of March 2008, “the charges of fictitious trades to impact market price are absurd given that the trades were in large, liquid stocks like RIL, Infosys, HLL, Zee etc.”

source: Business-Standard

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