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First Global chief Shankar Sharma arrested

Shankar Sharma, head of India's First Global Finance group, was arrested late on Thursday for allegedly threatening an official of the Income Tax department, a police official said on Friday.

Sharma, whose group is one of the central figures in the recent stock market scandal, will be produced in a Bombay court on Friday, the official said.

The official said Sharma was arrested under Indian Penal Code sections that deal with non-cooperation and intimidation of government officials on duty.

Officials at First Global were not immediately available for comment, while calls to Sharma's house went unanswered.

Capital markets regulator Securities and Exchange Board of India on Thursday barred some of First Global's entities from accepting fresh business in the stock market until further notice for their alleged involvement in manipulation of Indian share prices.

Indian stock markets had plunged in March over allegations of price manipulation and other irregularities, forcing the president of the Bombay Stock Exchange to resign.

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