A vote on a proposed ban on the sale of shark fin products has been deferred by council.

City council was set to vote today on whether or not to implement a bylaw that would bring an end to the sale of shark fins and controversial products such as shark fin soup. The city's licensing and standards committee has already thrown its support behind the ban.

Councillors began their meeting Monday, but the proposed shark fin ban may not take place until Tuesday because several matters are being dealt with first.

The bylaw would provide businesses selling shark fin products with a six-month grace period to sell of their excess stock before being subjected to steep fines.

Under the plan, businesses would face a $5,000 fine for a first offence, a $25,000 fine for a second offence and a $100,000 fine for all offences thereafter.

The proposed ban is similar to ones implemented in Mississauga, Brampton and Oakville.

But the proposal has been met by staunch opposition by some members of Toronto's business community.

A group of about 200 people gathered in a circle outside city hall Monday to protest the ban, carrying signs that read "An unfair and irresponsible act."

Barbara Chiu, executive director of the Toronto Chinese Business Association and a spokeswoman for the protesters, said businesses called for the protest because they believe the bylaw would be unfair and inappropriate.

Chiu told CP24 a municipal government shouldn't be making such a decision and it should be up to federal lawmakers in Ottawa.

She said city councillors are wasting their resources and taxpayers' money by dealing with a proposed shark fin ban.

The idea of banning the sale of shark fin products began with city councilors Glenn De Baeremaeker and Kristyn Wong-Tam.

Over the last several months the pair has repeatedly pushed for an end to the harvesting practice, which sees many sharks thrown back to die after their fins are removed, calling it "barbaric" and "cruel."

Their colleagues on council Doug Holyday and Doug Ford told CP24 Monday morning that they will not support the ban.

Holyday and Ford are part of council's conservative faction.

With files from CP24's Katie Simpson