FE Report (January 26, 2011)
The High Court (HC) Tuesday upheld the securities regulator's directive issued on the suspension of six brokerage firms' trading and the activities of their chief executives for 30 days, attorney general said.
A HC bench comprising justice AHM Shamsuddin Chowdhury and justice Sheikh Mohammad Zakir Hossain rejected the writ petitions filed by five brokerage firms Sunday challenging the order of the Securities and Exchange Commission (SEC) on the suspension of their share trading and the activities of their chiefs.
It means that the trading of six brokerage houses and duties of their chief executives will remain suspended for thirty days as per the directive issued by the SEC on January 20.
The attorney general Mahbubey Alam told the FE that the HC summarily rejected the writ petitions that challenged the legality of SEC's directive.
"Before investigation it's not possible to say who were behind the market crash," Mr. Alam said.
"That's why, a proper investigation is a must to find out the culprits involved with market manipulation and we hope the probe panel will do it for the interests of stock market," he added.
The High Court (HC) Tuesday upheld the securities regulator's directive issued on the suspension of six brokerage firms' trading and the activities of their chief executives for 30 days, attorney general said.
A HC bench comprising justice AHM Shamsuddin Chowdhury and justice Sheikh Mohammad Zakir Hossain rejected the writ petitions filed by five brokerage firms Sunday challenging the order of the Securities and Exchange Commission (SEC) on the suspension of their share trading and the activities of their chiefs.
It means that the trading of six brokerage houses and duties of their chief executives will remain suspended for thirty days as per the directive issued by the SEC on January 20.
The attorney general Mahbubey Alam told the FE that the HC summarily rejected the writ petitions that challenged the legality of SEC's directive.
"Before investigation it's not possible to say who were behind the market crash," Mr. Alam said.
"That's why, a proper investigation is a must to find out the culprits involved with market manipulation and we hope the probe panel will do it for the interests of stock market," he added.
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