The National Stock Exchange (NSE) on Thursday said it has removed Zee Entertainment Enterprises Ltd (ZEEL) from the futures and options (F&O) segment. This comes after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted ZEEL for insolvency proceedings.

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"No fresh month contracts will be issued on the expiration of February 2023 contracts. All existing contracts with March 2023 and April 2023 expiries shall continue," the NSE said.

Also, a margin of 100 percent will be levied on all existing contracts on a T+2 basis for all new positions created from February 27, 2023, onwards and on all existing open positions as on February 24, 2023, the exchange said.

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After the expiry of existing contracts, further surveillance actions of price band/gross settlement as applicable under the bankruptcy framework will come into effect from April 28, 2028.

IndusInd Bank in its plea before the National Company Law Tribunal has claimed a default of Rs 83.08 crore against Zee Entertainment, as it is party to the Debt Service Reserve Account (DSRA) Guarantee Agreement with the lender, advanced to another Essel Group firm, Siti Networks Ltd.

(Edited by : Pradeep John)