SECP to challenge SHC decision over KSE floor

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) would abide by the decision of Sindh High Court (SHC) to retain the Karachi Stock Exchange floor, however, it has decided to challenge the verdict as well.This was stated by SECP chairman Razi-ur-Rahman after the SHC issued stay order here on Saturday to retain the minimum floor index at KSE. He said SECP would respect court’s verdict as regards KSE but Lahore and Islamabad Stock Exchanges would have to remove the floor from December 15.It is worth mentioning that the SECP chairman had earlier issued directives to remove KSE floor from December 15. However, the brokers had asked the government not to remove floor without introducing Market Support Fund (MSF) otherwise the number of defaulters would increase.