DHAKA: Chamber Judge stayed High Court order declaring illegal the circular of Bangladesh Security Exchange Commission (BSEC) over minimum two percent shareholding of directors.

Justice Hasan Foyez Siddique passed the order on Thursday noon. 

On Wednesday, an HC bench comprising Kazi Rezaul Haque and Justice Altaf Hossain passed order declaring illegal the shareholding.

Earlier, the stock regulator made it compulsory for the sponsors, directors and promoters to acquire at least a two percent stake individually. 

The directive on minimum shareholding was meant to stop sales of shares by sponsors and directors and to create a buying pressure in the stock market for the benefit of general investors.

BDST: 1611 HRS, MAY 15, 2014