PSX’s decision of DFC, CSF market challenged in SHC
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SHC has granted interim order to make concerned notice inoperative to the extent that it discriminates against entities which have obtained stay order from the Court
KARACHI: Sindh High Court (SHC) has granted Interim stay on Deliverable Futures Contract (DFC) and Cash Settled Futures Contract (CSF) market, notified by the Pakistan Stock Exchange (PSX) couple of week ago.
Pakistan Stock Brokers Association (PSBA) has filed a constitutional petition (CP) in SHC against the Futures Eligibility Criteria, for Selection of Securities Eligible for Trading in Deliverable Futures Contract and Cash Settled Futures Contract Market, as notified by the Pakistan Stock Exchange (PSX), with prior approval of the Securities and Exchange Commission of Pakistan (SECP).
The first hearing of the said CP was held today at the Sindh High Court.
The brokers association in a statement said, “the High Court has granted interim order to make the concerned notice inoperative to the extent that it discriminates against entities which have obtained stay order from the Court.”
Among other grounds, it was pleaded before the court that the respondents have acted in violation of the Constitution of the Islamic Republic of Pakistan, 1973, as they have no right to restrict any specific securities eligible for trading in the deliverable futures contract and cash settled futures contract markets, under the guise that such entities have invoked their constitutional right of protection by assailing any illegal action in a court of law.
In the statement the PSBA said it will remain dedicated to the betterment of the economy, promotion of the stock brokerage industry, and protection of the rights of its members.
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