Description

BSE announces adjustments to F&O contracts for HDFC AMC due to 1:1 bonus issue with record date November 26, 2025. Adjustment factor of 2 will be applied to strike prices, market lots, and positions.

Summary

BSE has announced mandatory adjustments to all Futures and Options contracts for HDFC Asset Management Company Ltd (Scrip Code: 541729, Derivatives Code: HAMC) following the company’s 1:1 bonus issue announcement. The adjustments will be implemented end-of-day on November 25, 2025, with the ex-date being November 26, 2025 (record date). An adjustment factor of 2 will be applied to all existing contracts in compliance with SEBI guidelines.

Key Points

  • Bonus issue ratio: 1 equity share for every 1 existing equity share (1:1)
  • Record date: November 26, 2025
  • Ex-date: November 26, 2025
  • Adjustment implementation: End of day November 25, 2025
  • Adjustment factor: 2 (calculated as (1+1)/1)
  • Strike prices will be divided by 2
  • Market lot increases from 150 to 300 shares (multiplied by 2)
  • All existing positions will be multiplied by 2
  • Futures prices will be divided by 2 and rounded to nearest tick size

Regulatory Changes

No new regulatory changes. This circular implements existing SEBI guidelines for adjustment of Futures & Options contracts following corporate actions (bonus issues).

Compliance Requirements

  • Trading members must apply the adjustment factor of 2 to all HDFC AMC F&O contracts
  • Strike prices must be recalculated by dividing old strike price by 2
  • Market lots must be recalculated by multiplying old market lot (150) by 2 to get new market lot (300)
  • Client positions must be adjusted by multiplying old positions by 2
  • Futures prices must be adjusted by dividing old prices by 2, rounded to nearest tick size
  • Trading members should contact designated Relationship Managers for clarifications

Important Dates

  • November 10, 2025: Notice date
  • November 25, 2025: Adjustment implementation date (end of day)
  • November 26, 2025: Ex-date and record date for bonus issue

Impact Assessment

Market Impact: High - All existing F&O contracts in HDFC AMC will be adjusted, affecting strike prices, lot sizes, and positions. Traders holding positions need to understand the adjustments to avoid confusion.

Operational Impact: High - Doubling of market lot size from 150 to 300 shares increases capital requirement per lot. All strike prices will be halved, creating new effective strike levels. Position quantities will double, requiring system and risk management updates.

Trading Impact: The adjustment maintains economic equivalence of positions but traders must account for the new lot size (300 shares) when placing fresh orders post-adjustment. Existing open interest will be automatically adjusted by the exchange.

Impact Justification

Material impact on all existing F&O positions in HDFC AMC with significant adjustments to strike prices, lot sizes, and positions affecting all derivatives traders