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SAT restores First Global registration
By Our Special Correspondent
MUMBAI,
DEC. 3.
The Securities Appellate Tribunal (SAT) today set aside the controversial order by which the Securities and Exchange Board of India (SEBI) had cancelled the registration of First Global Stock Broking in late 2002. Announcing its decision, the Tribunal asked: "Why follow one set of standards for First Global and another for others?" The Tribunal made reference to the SEBI's differential handling of the First Global case compared with another similar matter.
It may be recalled that First Global owned 14.5 per cent stake in Buffalo Networks Pvt. Ltd., which in turn owned Tehelka.com, the website whose investigative reporters unearthed a defence-related scam in early 2001, embarrassing the National Democratic Alliance (NDA) Government at the Centre.
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