SAT backs SEBI ban on Shankar Sharma's market operations

The Securities Appellate Tribunal (SAT) on Friday dismissed Shankar Sharma's plea seeking changes in the Tribunal's earlier order that had upheld SEBI's one-year ban on Sharma transacting any business in the securities market.

While dismissing Sharma's review petition, it said the ban would take effect immediately.

Sharma's earlier appeal to the Supreme Court had been similarly rejected in February.

In October 2009, SAT upheld a February 2009 order by SEBI, which had found Sharma guilty of synchronising trades (in 2001) in certain scrips resulting in artificial volumes in the scrips (Global Tele Systems, Himachal Futuristic Co Ltd, DSQ Software, Zee Telefilms, Wipro, Satyam Computers, MTNL, SBI, Infosys Technologies and Sterlite Optical).

In his review petition Sharma had argued that there were factual errors in the Tribunal's findings in the order issued in October 2009, which Sharma claimed were contrary to the documents on record.

Sharma told Business Line that in his submission he had pointed out that SEBI had proceeded against him twice for the same proprietary trades of February-March 2001.