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Leading stock exchanges, BSE and NSE, will drop United Spirits Ltd (USL) from the future and option segment from September 19 as the company failed to comply with listing agreements, including timely submission of financial results.
In similarly-worded circulars, BSE and NSE said “United Spirits Ltd has not submitted financial results for the year ended March 31, 2014 and quarter ended June 30, 2014 as required under Clause 41 of the listing agreement.”
Consequently, the exchanges have decided to exclude United Spirits from the equity derivatives segment.
It further said no fresh month contracts for the expiry month November shall be issued on expiration of existing August month contract.
In fact, all existing contracts i.e. contracts with expiry month September and October will expire on September 18, 2014. Accordingly, “no future and option (F&O) contract on scrip United Spirits Ltd shall be available for trading on the equity derivative segment of the exchange with effect from September 19, 2014 onwards,” the exchanges said in a circular yesterday.
Earlier this week, NSE said that United Spirits will be replaced by Zee Entertainment Enterprises in the Nifty from September 19.
