SEBI gets extension in First Global case

MUMBAI, JAN. 2. The Securities Appellate Tribunal (SAT) today granted another five weeks extension to the Securities and Exchange Board of India to complete the enquiry and pass a final order in the case of Shankar Sharma's First Global. The market regulator has been granted five weeks extension to complete the process from today and the ban on First Global to trade and solicit fresh business (SEBI order of May 25, 2001) would continue, SAT said in its order here. The first extension of five weeks was granted on November 28 last. On December 28, SEBI had filed an application with the tribunal stating that due to facts and circumstances beyond its control, the enquiry could not be completed on December 26 last and ``as such it was not possible to pass the final order by January 2". SEBI counsel indicated that the market regulator would require at least five weeks to issue the final order. The First Global group, having Mr. Shanker Sharma and Mr. Devina Mehra, as its directors, was banned from trading and taking fresh business for its alleged involvement in March 2 stock market crash. - PTI