Stock exchanges to lift floor from December 15

The Securities and Exchange Commission has told stock markets to remove the floors placed on their indices from December 15, more than three months after they were initially imposed to restore confidence in a market battered by political upheaval.

“The continuing restriction on the trade prices of the securities has adversely affected the ability of the market participants to manage their respective investments,” the regulating authority said in a statement on Thursday. “Despite best efforts, the market support fund, and other instruments like ‘put option’ could not be brought into operations so as to provide a soft landing,” it said, adding it found no reasons for the restrictions to continue.

The regulator has also barred the exchanges and their boards from closing the bourses, restricting prices of securities, or interfering in the normal operations of the exchanges for 90 days. “It is in the public interest to allow the securities markets to function without any hindrance in order to maintain the confidence of the investors,” the statement said.

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