SEC to get legal opinion on MF writ within a week
Thursday, 21 January 2010
FE Report
The Securities and Exchange Commission (SEC) lawyer would submit his opinion within seven days on whether to appeal or not against the verdict of the writ petition on mutual funds (MFs).
"The SEC asked my opinion to reach at a decision whether it is needed to appeal against the verdict or not. After examining the certified copy I will submit my opinion within seven days," SEC lawyer Mahmud Islam told the FE Wednesday.
"Usually we have 60 days in hand to appeal against the verdict. However, the SEC will decide within how many days it will appeal against the verdict if it needs to do so," he added.
"We said earlier that we would try to pave the way for quick disposal of the writ petition, but it is not possible to say whether we would appeal against the verdict or not, before having our lawyer's opinion," SEC member Mansur Alam said Wednesday.
The SEC got the certified copy Tuesday, 70 days after the High Court had delivered the verdict. The High Court in the verdict on November 8, allowed the mutual funds to increase their size by issuing bonus and right shares, without curbing the securities regulator's absolute power to determine which funds would be eligible to expand capital base.
The Securities and Exchange Commission (SEC) lawyer would submit his opinion within seven days on whether to appeal or not against the verdict of the writ petition on mutual funds (MFs).
"The SEC asked my opinion to reach at a decision whether it is needed to appeal against the verdict or not. After examining the certified copy I will submit my opinion within seven days," SEC lawyer Mahmud Islam told the FE Wednesday.
"Usually we have 60 days in hand to appeal against the verdict. However, the SEC will decide within how many days it will appeal against the verdict if it needs to do so," he added.
"We said earlier that we would try to pave the way for quick disposal of the writ petition, but it is not possible to say whether we would appeal against the verdict or not, before having our lawyer's opinion," SEC member Mansur Alam said Wednesday.
The SEC got the certified copy Tuesday, 70 days after the High Court had delivered the verdict. The High Court in the verdict on November 8, allowed the mutual funds to increase their size by issuing bonus and right shares, without curbing the securities regulator's absolute power to determine which funds would be eligible to expand capital base.