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Sebi to take up Shankar Sharma issue on Tuesday

BS Markets Bureau

The board of Securities and Exchange Board of India, which is scheduled to meet on May 14, will be taking up the hearing of First Global's Shankar Sharma as one of the items on its agenda.

This hearing follows the Bombay high court directive of January 29, 2002, wherein it had told the markets regulator that a fresh hearing should be held and the matter expedited.

The Shankar Sharma case has been dragging on for a long time now. Sharma's brokerage firm First Global had been barred from any form of market-related activity including merchant banking following the crisis in March last year. Sharma has gone in appeal against the decision in all forums.

The meeting is being held in India to facilitate the attendance of Rakesh Mohan, who recently resigned as advisor to the finance ministry. This will be the last board meeting of Sebi that Mohan will be attending, sources said.

The recent developments in the gilts market and the involvement of equity brokers are also scheduled to be discussed at the meeting, sources said.

So far Sebi has taken action only against one brokerage, Home Trade a gilts trader which also happened to be registered with Sebi.

The recent recommendations of the takeover committee will however not figure in the meeting sources said since the recommendations still needed some fine tuning.

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