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. The company has fixed February 5, 2026 as the record date for dividend payment for FY 2025-26. The adjustments will be effective from the ex-date of February 5, 2026.

Key Points

  • Dividend amount: Rs. 5.00 per equity share
  • Record date: February 5, 2026
  • Adjustment date: February 4, 2026 (Wednesday)
  • Ex-date: February 5, 2026 (Thursday)
  • Derivative asset code: GAIL
  • Equity scrip code: 532155
  • All available F&O contracts on GAIL will be adjusted

Regulatory Changes

This adjustment is made in pursuance of Exchange notice number 20180710-26 regarding Review of Adjustment of corporate actions for stock options, and in line with SEBI Master Circular No SEBI/HO/MRD/DP/CIR/P/2016/135 dated December 16, 2016.

Compliance Requirements

  • Trading members of Equity Derivatives Segment must note the adjustments
  • Members should contact their respective relationship managers for further details
  • Positions should be reviewed considering the adjusted strike prices and base rates

Important Dates

  • February 4, 2026: Adjustment date - all F&O contracts will be adjusted at end of day
  • February 5, 2026: Ex-date - adjusted prices effective for trading; record date for dividend eligibility

Impact Assessment

Options Contracts: All strike prices generated at the end of February 4, 2026 will have Rs. 5.00 deducted. Adjusted strike prices will be available for trading from February 5, 2026.

Futures Contracts: The adjusted futures price will be calculated as reference rate (daily mark-to-market settlement price on February 4, 2026) minus dividend amount of Rs. 5.00. This adjusted rate will serve as the base rate/previous close for trading on February 5, 2026.

Market Impact: Traders holding F&O positions in GAIL must account for the Rs. 5.00 adjustment in their pricing models and risk calculations. The adjustment ensures fair pricing post-dividend and prevents arbitrage opportunities between cash and derivative segments.

Impact Justification

Standard dividend adjustment affecting F&O contracts of a large-cap stock; impacts derivative traders and requires position adjustments before ex-date