Shankar Sharma steps down at FG

Shankar Sharma, who was recently banned from trading by the stock markets regulator, has given up his post as director of First Global, the brokerage firm.

The move comes a few days after the Securities and Appellate Tribunal upheld a one-year ban on him imposed by Sebi.
He will, however be involved in analysing global macro and strategy for the company’s international subsidiaries.

“We have a very strong second line of management. Even more importantly, over the past three years, we have delegated most of the day to day functioning to senior people, and have just focused on the macro aspects of our business,” Sharma said.

“I planned on retiring about two years back, and devoting time to other pursuits that I have neglected for years.”

His wife, Devina Mehra, who is also a director at the company, has also curbed her role to overall supervision, Sharma said.
On March 19, the Securities and Appellate Tribunal(SAT) upheld a one-year ban on Sharma imposed by Sebi.

The stock market regulator had banned him from dealing in the securities market for synchronised trading in ten scrips during 2001.

Incidentally, on March 4, Sebi had rejected the application of First Global (UK) for registration as a foreign institutional investor citing Sharma’s presence on the board of the companyand the order prohibiting him from dealing in the market.

It deemed that the applicant is “not a fit and proper person to act as an FII”.

When asked whether they would be reapplying, Sharma said, “We will take a call after some time.”