Shankar fights back

Head of brokerage firm files writ against regulator after being prevented from leaving the country.

In the latest development in an ongoing - and increasingly dramatic saga - India's First Global has filed a high court writ against its own regulator, SEBI.

Those who read FinanceAsia's article last week see related article will know that First Global is one of the brokerage firms that has been banned from trading by the Securities and Exchange Board of India SEBI. Indeed, along with CSFB it has been banned from making a trade since April for its alleged role in the stock market crash of March 2.

Deprived of its ability to trade - without having been proven conclusively guilty - First Global has slowly been going to the wall....

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