First Global denies allegations

MUMBAI, MAY 16. First Global, a leading broking firm, allegedly involved with a bear cartel which brought down the stock prices two days after the Union budget, today denied all the allegations by saying that the Securities and Exchange Board of India (SEBI) had submitted tables containing false data to the Finance Minister as well as in its court affidavit. The broking firm is also planning to submit its version to the Joint Parliamentary Committee (JPC) which is looking into the recent securities market crisis. First Global further claimed that it was harassed by the Government agencies for its stake in Tehelka.com which exposed corruption in high places recently. Addressing a press conference here today, Mr. Shankar Sharma, Director, First Global, said, the SEBI's charges against the firm were extremely vague and non-specific. ``In spite of repeated requests, the SEBI has not been able to point out a single specific violation of any section or regulation,'' he said. Even in the affidavit filed in the High Court, the SEBI's allegations consist of ``appear to have been carried out to artificially depress....''; ``could have impacted the market''; ``does not appear to be regular and transparent.....''. According to Mr. Sharma, even where the data is correct, the SEBI has taken a myopic, misleading view of it where the aim appears to be to take extracts of data to fit pre-determined conclusions, rather than a rational and unbiased analysis of the data presented before it.