KARACHI: The Pakistan Stock Brokers Association (PSBA) filed a petition in the Sindh High Court against the Futures Eligibility Criteria, for Selection of Securities Eligible for Trading in Deliverable Futures Contract (DFC) and Cash Settled Futures Contract (CSF) Market, as notified by the Pakistan Stock Exchange (PSX), with prior approval of the Securities and Exchange Commission of Pakistan (SECP).
The hearing of the said case was held on Thursday. During the case, the court 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.
They said the respondents 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.
The PSBA will remain dedicated to the betterment of the economy, promotion of the stock brokerage industry, and protection of the rights of its members.