FE Report (October 08, 2010)
The hearing on the SEC's appeal petition against the High Court's stay order on the regulator's directive regarding margin loan formula, will be held on Sunday, the lawyers said.
The petitioners' lawyer Barrister Abul Kalam Azad said the SEC's appeal has been fixed in the cause list of Sunday.
On October 4 last, the Chamber Judge of the Supreme Court (SC) referred the SEC's appeal petition, filed against the High Court's stay on NAV-based margin loan calculation, to the full court of the appellate division.
After hearing, the Chamber Judge referred the case to the bench of Chief Justice A B M Khairul Haque.
On September 27, two investors filed a writ petition challenging the SEC's directive regarding the NAV-based margin loan calculation.
After the hearing, a division bench of the High Court stayed the SEC's directive for three months and asked the SEC to explain why its action will not be declared illegal.
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