Description

BSE announces adjustments to F&O contracts of CAMS due to 1:5 stock split, effective December 5, 2025, with strike prices, market lot, and futures prices to be adjusted by factor of 5.

Summary

BSE has announced mandatory adjustments to all Futures and Options contracts of Computer Age Management Services Ltd (CAMS, Scrip Code: 543232) following the company’s announcement of a 1:5 stock split. The record date is December 5, 2025, and adjustments will be made at end of day on December 4, 2025. The adjustment factor is 5, which will be applied to strike prices (divided), market lot (multiplied), positions (multiplied), and futures prices (divided).

Key Points

  • Stock split ratio: 1 equity share of Rs. 10 to 5 equity shares of Rs. 2 each (1:5 split)
  • Record date: December 5, 2025
  • Ex-date: December 5, 2025
  • Adjustments effective: End of day December 4, 2025
  • Adjustment factor: 5
  • Derivatives asset code: CAMS
  • All existing F&O contracts will be adjusted automatically by the exchange
  • Adjustments made in compliance with SEBI guidelines for corporate actions

Regulatory Changes

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

Compliance Requirements

  • Trading Members: Must be aware of the automatic adjustments that will be applied to all CAMS F&O contracts
  • Position Holders: All positions in CAMS futures and options will be automatically adjusted by the exchange
  • Risk Management: Members should account for adjusted contract specifications in their risk management systems
  • Client Communication: Trading members should inform clients holding CAMS derivative positions about the adjustments

Important Dates

  • December 4, 2025: Adjustments to be made at end of day
  • December 5, 2025: Ex-date and record date for stock split

Impact Assessment

Market Impact: High - affects all participants with open positions in CAMS futures and options contracts.

Contract Adjustments:

  1. Strike Prices: Will be divided by 5

    • Example: Strike of 3100 becomes 620, 3200 becomes 640, 3300 becomes 660, 3400 becomes 680

  2. Market Lot: Will be multiplied by 5

    • Current lot size: 150
    • Revised lot size: 750 (150 × 5)

  3. Positions: Will be multiplied by 5

    • Traders holding positions will see quantity increase by factor of 5

  4. Futures Price: Will be divided by 5 and rounded to nearest tick size

Operational Impact: Trading systems, risk management systems, and margin calculations will need to reflect the adjusted contract specifications immediately after December 4, 2025. The total contract value remains economically equivalent despite the numerical adjustments.

Impact Justification

Mandatory adjustments to all F&O contracts for CAMS with significant changes to strike prices (divided by 5), market lot (multiplied by 5), and positions affecting all derivatives traders holding CAMS contracts