Holding the Mus-haf for one who is following an imaam is contrary to the Sunnah
Question

                What is the ruling on holding the Mus-haf in the case of one who is following an imaam in praying Taraaweeh in Ramadan, on the grounds that he is following the imaam’s recitation?
Praise be to Allah.Holding 
          the Mus-haf for this reason is contrary to the Sunnah, for several reasons: 
1.It prevents a person from 
          placing his right hand over his left when standing. 
2.It leads to a lot of unnecessary 
          movements, such as opening the Mus-haf, closing it, and placing it under 
          one's arm. 
3.These movements are very 
          distracting to the worshipper. 
4.It prevents the worshipper 
          from looking at the place of sujood. Many scholars say that looking 
          at the place of sujood is Sunnah and is better. 
5.The one who does that may 
          forget that he is in prayer, unless his heart is properly focused upon 
          his being in prayer, unlike when he is standing in a humble and focused 
          manner with his right hand upon his left, tilting his head towards the 
          place of sujood. In this case he will be more likely to remember that 
          he is praying and that he is behind the imaam.