Description

BSE announces adjustments to F&O contracts for GAIL (India) Ltd due to dividend of Rs. 5.00 per share with ex-date February 5, 2026.

Summary

BSE will adjust all Futures and Options contracts for GAIL (India) Ltd (scrip code 532155) on February 4, 2026, due to a dividend payment of Rs. 5.00 per equity share for FY 2025-26. The record date is February 5, 2026, which is also the ex-date. Option strike prices will be reduced by Rs. 5.00, and futures prices will be adjusted by deducting the dividend amount from the reference rate.

Key Points

  • Derivative Asset Code: GAIL, Equity Scrip Code: 532155
  • Dividend amount: Rs. 5.00 per equity share for financial year 2025-26
  • Record date: February 5, 2026
  • Ex-date: February 5, 2026 (Thursday)
  • Adjustments will be made on February 4, 2026 (Wednesday)
  • Adjusted contracts available for trading from February 5, 2026
  • All available F&O contracts on GAIL will be adjusted

Regulatory Changes

This adjustment is in pursuance of:

  • Exchange notice number 20180710-26 regarding Review of Adjustment of corporate actions for stock options
  • SEBI Master circular No SEBI/HO/MRD/DP/CIR/P/2016/135 dated December 16, 2016

Compliance Requirements

For Options Contracts:

  • Full dividend value of Rs. 5.00 will be deducted from all strike prices
  • Strike prices will be adjusted at the end of February 4, 2026
  • Adjusted strike prices become effective from February 5, 2026

For Futures Contracts:

  • Adjusted futures price = Reference rate minus Rs. 5.00 dividend amount
  • Reference rate used: Daily mark-to-market settlement price of relevant futures contract on February 4, 2026
  • Adjusted rate will serve as base rate/previous close for trading on February 5, 2026

Action Required:

  • Trading members should contact their respective relationship managers for further details

Important Dates

  • February 2, 2026: Notice date
  • February 4, 2026: Adjustment date for all F&O contracts
  • February 5, 2026: Ex-date and record date; adjusted contracts available for trading

Impact Assessment

Market Impact:

  • Medium impact on traders holding GAIL F&O positions
  • Standard corporate action adjustment procedure
  • All open positions in GAIL derivatives will be adjusted automatically

Operational Impact:

  • Traders must account for adjusted strike prices in options strategies
  • Futures positions will reflect dividend-adjusted base prices
  • Risk management systems should incorporate the Rs. 5.00 adjustment
  • No action required from position holders; adjustments are automatic

Impact Justification

Standard corporate action adjustment affecting F&O contracts for GAIL with dividend of Rs. 5.00 per share, requiring strike price and futures price adjustments