Zee Entertainment Enterprises Limited (ZEEL) has been barred from the futures and options (F&O) segment of the National Stock Exchange (NSE) as a result of the bankruptcy board’s decision to include the media company in the insolvency process.
“ZEEL has been shortlisted under insolvency and Bankruptcy Code (IBC) framework,” NSE said in a circular.
The exchange said in a circular, “No fresh month contracts will be issued on the expiration of February 2023 contracts. All existing contracts with March and April expiries shall continue.”
NSE further said in the circular that a margin of 100 per cent shall be levied on all existing derivative contracts with effect from T+2 day which is, for all new positions created from February 27, 2023 onwards and on all existing open positions as on February 24, 2023.
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No future and options shall be available for trading in the underlying ZEEL from April 28, 2023 owards, the cirular said. It added that after the expiry of existing contracts, further surveillance actions of price band/gross settlement and others as under the IBC framework shall be applicable with effect from April 28, 2023.
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