Zee Entertainment Returns To F&O Segment After NCLAT Relief
New futures and options contracts of the company will be available by Feb. 28.
The National Stock Exchange and the Bombay Stock Exchange withdrew orders to exclude Zee Entertainment Enterprises Ltd. from futures and options segment on Monday.
The relaxation was announced as the principal bench of the National Company Law Appellate Tribunal stayed an order, dated Feb. 22 by the bankruptcy court, to initiate insolvency proceedings against the company.
Both the exchanges reverted surveillance action against Zee Entertainment, they announced in separate circulars on Monday. Following this, new futures and options contracts of the company will be available by Feb. 28.
In its circular, the NSE said that the Zee Entertainment stock will move out of the IBC framework and the corresponding surveillance actions on the company will be reverted.
"Further futures and options contracts with May 2023 expiry shall be made available for trading in the underlying ZEEL with effect from Feb. 28, 2023," the NSE circular said.
The F&O contracts with May 2023 expiry will also become available on BSE from the same date, the exchange's circular said.
The existing contracts of Zee with March 2023 and April 2023 expiry were not affected by the earlier orders.
Earlier today, Zee Entertainment's stock closed 6.65% lower on the NSE, compared with a 0.42% decline in the benchmark Nifty 50.