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May 25, 2001
PR No. 89/2001
INVESTIGATIONS ENFORCEMENT AND SURVEILLANCE DEPARTMENT
Pursuant to the directions of the Hon'ble High Court of Mumbai dated May 04, 2001, SEBI has today passed an order under section 11 B read with 11 of SEBI Act 1992, against First Global Group. Mr. Shankar Sharma, Mrs. Devina Mehra, First Global Stock Broking Pvt. Ltd., Vrudhi Confinvest India Pvt. Ltd. and First Global Finance Pvt. Ltd. have been debarred from undertaking any fresh business as Stock Broker, Merchant Banker or Portfolio Manager pending enquiry.
A separate order appointing an Enquiry Officer to enquire into the violations by First Global Group of the provisions of the SEBI Act, Rules and Regulations would be passed within a week. The Enquiry Officer after considering the material available on the basis of investigations conducted so far and the material which may be further supplemented will expeditiously complete the proceedings, after following the procedure as laid down in the regulations.
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