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Bourses to impose trading restrictions on Jet Airways

The stock is set to be excluded from the futures and options segment with effect from June 28.

ET Bureau|
Updated: Jun 13, 2019, 07.42 AM IST
Mumbai: Shares of Jet Airways will be shifted to trade-for-trade segment from June 28 till further notice, the NSE and BSE said on Wednesday. The exchanges said this is a preventive surveillance measure.

“...the security of the company shall be shifted from Rolling Segment to Trade-for-Trade Segment, wherein the settlement in the security will take place on gross basis with 100 per cent upfront margin and 5 per cent price band,” the exchanges said. Delivery of shares is compulsory in the trade-for-trade segment.

The circulars on both exchanges’ website said they have been seeking clarification from the company in the recent past about various rumours floating in the market, but Jet has failed to provide prompt responses. The responses have also not been clear and satisfactory, the circulars said.

The company has said that it is not in a position to consider and approve the audited financial results for the financial year ended March 2019. Given these factors and the observations made by the auditor of Jet Airways, there are concerns regarding continuity of flow of information which is vital for appropriate price discovery in the stock, the exchanges said.

The stock is set to be excluded from the futures and options segment with effect from June 28.
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