Description

BSE announces adjustments to F&O contracts for HDFC AMC due to 1:1 bonus issue with record date November 26, 2025. Strike prices will be halved and market lot will double from 150 to 300.

Summary

BSE has announced mandatory adjustments to all Futures and Options contracts of 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 at end of day on November 25, 2025, with the ex-date being November 26, 2025. The adjustment factor of 2 will result in strike prices being halved and market lot doubling from 150 to 300 shares.

Key Points

  • HDFC AMC has declared a 1:1 bonus issue (one bonus share for every existing share)
  • Record date for bonus issue: November 26, 2025
  • Adjustment factor: 2 (calculated as (1+1)/1)
  • Adjustments will be applied on November 25, 2025 (end of day)
  • Ex-date: November 26, 2025
  • Strike prices will be divided by 2
  • Market lot will increase from 150 to 300 shares
  • All existing F&O positions will be multiplied by the adjustment factor
  • Futures prices will be divided by 2 and rounded to nearest tick size

Regulatory Changes

This adjustment is made in pursuance of SEBI guidelines for adjustment of Futures & Options contracts on announcement of corporate actions. The exchange is mandated to make necessary adjustments to maintain fair and orderly trading in derivative contracts when the underlying security undergoes corporate actions such as bonus issues.

Compliance Requirements

  • Trading members must be aware of the adjusted contract specifications effective November 26, 2025
  • All open positions in HDFC AMC F&O contracts will be automatically adjusted by the exchange
  • Trading members should contact their designated Relationship Managers for any clarifications
  • Members need to inform their clients about the contract adjustments and impact on their positions

Important Dates

  • November 10, 2025: Circular announcement date
  • November 25, 2025: End of day - adjustments will be applied to all F&O contracts
  • November 26, 2025: Ex-date for bonus issue; adjusted contracts begin trading

Impact Assessment

Market Impact: High - All traders holding HDFC AMC F&O positions will see their contracts automatically adjusted. The doubling of market lot size from 150 to 300 shares will increase the contract value and margin requirements proportionally.

Trading Impact: Strike prices being halved means all existing out-of-the-money, at-the-money, and in-the-money classifications will be recalibrated. Traders need to adjust their strategies accordingly.

Position Impact: Existing positions will be multiplied by the adjustment factor of 2, maintaining the same economic exposure but with different contract specifications.

Liquidity Impact: The change in lot size may affect liquidity patterns and trading costs for market participants dealing in HDFC AMC derivatives.

Impact Justification

Mandatory adjustments to all F&O contracts with significant changes to strike prices and market lot sizes affecting all derivative traders in HDFC AMC