KARACHI-The step taken by Sindh High Court (SHC) on Saturday has no link with the decision taken by the Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) about the removal of floor on December 15, 2008, thus the floor will be lifted on Monday and the stock market will function with its normal trading parameters. However, CFS market would maintain status quo as per Sindh High Court ruling. It was decided in a meeting of Board of Directors of KSE held on Saturday to review the step taken SHC against the petition filed by the brokers of KSE, who in their petition tried to seek the order of SHC for forceful roll over of Continuous Funding System (CFS) contracts, till the availability of market stabilisation fund. A single bench of SHC headed by Mr.Justice Gulzar Ahmed on Saturday admitted a civil petition filed by Al-Hoqani Securities and Creative Capital Securities, who in their petition had raised number of issues that would severely affect the brokers and investors of the market if the floor was removed by Dec 15 without taking specific measures to avert huge financial losses. The well known barrister and former President Supreme Court Bar Association, who was lately in news for his participation in lawyers' movement for the restoration of deposed CJ of Supreme Court, Chaudhry Iftikhar, filed the civil petition on behalf of the brokers. SHC passed an interim injunction order to a petition filed by two stock brokers, Al-Hoqani Securities Limited and Creative Capital Securities Limited, who in their petition challenged the Continuous Funding System MK-11 transactions and the SHC had restricted the National Clearing Company of Pakistan (entrusted with organizing the CFS transactions) from taking any actions against the brokerage houses of the stock market. The petition will be taken up on Tuesday Dec.16. The petitioners pleaded that removal of the floor without injecting market support fund would be financially disastrous. In their petition, the applicants said that the stock market almost remained closed since the imposition of floor mechanism on August 27, as a result of which financees in the CFS market are trapped and could not make an exit from the equity market in order to shut down their open positions. In their petition applicant highlighted that during the floor period financiers in the CFS market had halted the financing, thus the financees were subjected to pay the disapproving interest rate up to 100 per cent markup in order to save them from default. In the petition it was stated that over Rs 11.50 billion worth of Badla , (CFS) financing settlements were to be done prior to the market closure and if the floor was done away with before the introduction of the market support fund, then the brokers and the small investors would be incurring a daily loss of Rs 600 million. SHC Justice Gulzar Ahmad heard the arguments in the suit and issued an interim injunction, while adjourned the hearing until December 16. The SHC issued notices to KSE and SECP and directed the both regulators to maintain the status quo.