The Securities and Appellate Tribunal (SAT) on Wednesday said First Global Stockbroking head Shankar Sharma executed manipulative trade in 2001 and also rejected his appeal against a SEBI order, which banned him from trading in equities for a year.
“We have no hesitation to hold that these trades were fictitious as there was no change in the beneficial ownership of the shares traded and it was the appellant (Sharma) on both sides of the trade,” the SAT bench, comprising Justices N. K. Sodhi and Samar Ray, ruled.
