Description

Adjustment of F&O contracts in BPCL due to dividend of Rs. 7.5 per share, with ex-dividend date November 07, 2025.

Summary

NSE Clearing Limited has announced adjustments to Futures and Options contracts in BHARAT PETROLEUM CORPORATION LIMITED (BPCL) due to a dividend payment of Rs. 7.5 per share. The last cum-dividend date is November 06, 2025, and the ex-dividend date is November 07, 2025. All existing F&O positions will be adjusted accordingly.

Key Points

  • Dividend amount: Rs. 7.5 per share
  • Last cum-dividend date: November 06, 2025
  • Ex-dividend date: November 07, 2025
  • Futures contracts will be adjusted by reducing the daily settlement price by Rs. 7.5
  • Option strike prices will be reduced by Rs. 7.5 and adjusted to nearest tick size
  • All existing positions will be carried forward at adjusted values
  • Applies to all contract expiries: November 25, 2025, December 30, 2025, and January 27, 2026

Regulatory Changes

No new regulatory changes. This is a standard corporate action adjustment pursuant to NSE Circular No. 188/2025 dated November 06, 2025.

Compliance Requirements

For Futures Contracts:

  • All positions will be marked-to-market on November 06, 2025 based on daily settlement price
  • Open positions will be carried forward at daily settlement price less Rs. 7.5
  • Example: If settlement price is Rs. 360.00, adjusted price will be Rs. 352.50
  • Begin of day margins on November 07, 2025 will be computed based on adjusted carry forward value

For Options Contracts:

  • Full dividend value of Rs. 7.5 will be deducted from all cum-dividend strike prices
  • New strike prices will be adjusted to nearest tick size
  • All existing positions will continue in corresponding new adjusted strike prices
  • Example: Strike price of Rs. 370.00 will become Rs. 362.50, Rs. 375.00 will become Rs. 367.50

Important Dates

  • November 06, 2025: Last cum-dividend date; adjustment processing date
  • November 07, 2025: Ex-dividend date; normal trading resumes with adjusted values

Impact Assessment

Market Impact:

  • All market participants holding BPCL F&O positions will see automatic adjustments
  • No action required from members; adjustments are system-driven
  • Futures positions valued at 1,975 quantity would see value adjustment from Rs. 7,11,000 to Rs. 6,96,187.50 (at example price)

Operational Impact:

  • Clearing members, trading members, and clients will see adjusted position values
  • Margin requirements will be recalculated based on adjusted values from November 07, 2025
  • Intra-day margins will be computed based on relevant traded prices post-adjustment
  • All expiry contracts (near month, mid month, and far month) are affected uniformly

Impact Justification

Routine corporate action requiring adjustment of F&O contracts for dividend payment, affecting all BPCL derivatives positions