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Thursday, Jan 03, 2002

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SEBI gets more time to act on First Global

Our Bureau

MUMBAI, Jan. 2

THE Securities Appellate Tribunal (SAT) has given another five weeks time to the Securities and Exchange Board of India (SEBI) to pass a final order relating to the ban on Shankar Sharma's First Global and its group companies from capital market-related activities.

The SAT Presiding Officer, Mr C. Achuthan, said in the order on Wednesday, ``SEBI's order will continue to be operative for a further period of five weeks from today.''

This order is effective till February 6.

The order further states that ``I am inclined to grant further extension of time by five weeks to complete the inquiry and to issue the final order.''

This is for the second time that the extension has been granted by SAT to SEBI to complete the inquiry process and pass the final order. Earlier also a five-week extension was granted by SAT.

However, this time the order has directed SEBI to strictly adhere to the time frame of five weeks to issue the final order in the inquiry.

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