Description
NSE Clearing announces adjustment methodology for F&O contracts in ADANIENT due to Rights Issue, effective November 14, 2025.
Summary
NSE Clearing Limited has issued circular 146/2025 announcing the adjustment procedure for Futures and Options contracts in ADANI ENTERPRISES LIMITED (ADANIENT) on account of a Rights Issue. All open positions existing after end of day on November 14, 2025 will be adjusted using an adjustment factor as per the methodology outlined in Circular no. 193/2025 dated November 13, 2025. The adjustments will affect position sizes, futures prices, and market lot sizes.
Key Points
- All open F&O positions in ADANIENT will be adjusted after end of day on November 14, 2025
- Adjusted positions calculated by multiplying pre-adjusted contracts by adjusted market lot
- Futures prices will be adjusted based on settlement price multiplied by adjustment factor
- Adjusted value computation prevents rounding-off differences
- Mark-to-market settlement continues normally from November 17, 2025
- Two additional CSV files will be provided to members showing existing and adjusted positions
- Position files for trade date November 14, 2025 will show final positions without adjustment
Regulatory Changes
This circular is issued in pursuance of:
- NSE Clearing Byelaws pertaining to Clearing and Settlement of deals
- SEBI Circular no. SMDRP/DC/CIR-8/01 dated June 21, 2001
- Circular no. 043 dated April 29, 2025 (Download no. NCL/CMPT/67750)
- Circular no. 193/2025 dated November 13, 2025 (Download no. NSE/FAOP/71284)
Compliance Requirements
For Members:
- Review position files for trade date November 14, 2025 showing final unadjusted positions
- Download and reconcile two additional CSV files:
- ADANIENT_
_EXISTING_POSITIONS.CSV - ADANIENT_
_ADJUSTED_POSITIONS.CSV
- ADANIENT_
- Ensure systems accommodate adjusted market lots and strike prices
- Reconcile carried forward adjusted values computed from pre-adjusted quantities and prices
- Update client positions and communicate adjustments to clients
Futures Contracts Adjustment:
- Positions: Multiply number of contracts by adjusted market lot
- Futures Price: Settlement price on November 14, 2025 multiplied by adjustment factor
- Adjusted Value: Pre-adjusted long/short quantity × pre-adjusted settlement price
- Mark-to-market on November 14, 2025 based on daily settlement price
Options Contracts Adjustment:
- Positions: Multiply number of contracts by adjusted market lot
- Market lot as per Circular no. 193/2025
Important Dates
- November 13, 2025: Reference circular 193/2025 issued with adjustment factor methodology
- November 14, 2025:
- End of day: All open F&O positions in ADANIENT adjusted
- Position files show final unadjusted positions
- Two additional CSV files provided with existing and adjusted positions
- Mark-to-market settlement based on daily settlement price
- November 17, 2025: Daily mark-to-market settlement resumes normal procedures
Impact Assessment
Market Impact:
- High impact on all traders and investors holding open F&O positions in ADANIENT
- Contract specifications (lot size, strike prices) will change requiring system updates
- Position values preserved through adjusted value computation method
Operational Impact:
- Members must download and process additional position files
- Risk management systems need to accommodate adjusted parameters
- Client reporting and reconciliation required for adjusted positions
- Potential for confusion if clients not properly informed of adjustments
Trading Impact:
- Normal trading resumes November 17, 2025 with adjusted contract specifications
- Liquidity may be temporarily affected during adjustment period
- All open positions automatically adjusted without requiring trader action
- No loss of value due to corporate action as adjustment factor preserves economic value
Contact for Queries:
- Telephone: 18002660050 (IVR Option 2)
- Email: fao_clearing_ops@nsccl.co.in
Impact Justification
Mandatory adjustment of all open F&O positions in ADANIENT due to Rights Issue affects all market participants holding these contracts; requires immediate action on November 14, 2025