FE Report (October 11, 2010)
The Appellate Division (AD) of the Supreme Court (SC) Sunday vacated the High Court's (HC) stay order on the implementation of SEC's directive regarding NAV-based margin loan calculation.
An official of the Securities and Exchange Commission (SEC) said the regulator's directive will remain effective until the delivery of the verdict of the writ petition.
A full bench of the AD headed by Chief Justice ABM Khairul Haque vacated the stay order of the High Court.
A DSE official said after the SC directive, the Dhaka Stock Exchange (DSE) published its updated margin maintenance figures on DSE website following an order of the SEC.
On September 27, a division bench of the HC stayed the SEC's directive for three months following a writ petition, filed by two investors.
The HC also asked the SEC to explain why its directive would not be declared illegal.
On October 4, the SEC appealed against the HC's stay order but the Chamber Judge referred the case to the full bench of the AD.
The Appellate Division (AD) of the Supreme Court (SC) Sunday vacated the High Court's (HC) stay order on the implementation of SEC's directive regarding NAV-based margin loan calculation.
An official of the Securities and Exchange Commission (SEC) said the regulator's directive will remain effective until the delivery of the verdict of the writ petition.
A full bench of the AD headed by Chief Justice ABM Khairul Haque vacated the stay order of the High Court.
A DSE official said after the SC directive, the Dhaka Stock Exchange (DSE) published its updated margin maintenance figures on DSE website following an order of the SEC.
On September 27, a division bench of the HC stayed the SEC's directive for three months following a writ petition, filed by two investors.
The HC also asked the SEC to explain why its directive would not be declared illegal.
On October 4, the SEC appealed against the HC's stay order but the Chamber Judge referred the case to the full bench of the AD.
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