Description

NSE announces adjustments to HINDUNILVR futures and options contracts due to a scheme of arrangement (demerger) effective December 5, 2025, with revised lot size of 300 and new strike schemes.

Summary

NSE has announced adjustments to Futures and Options contracts of Hindustan Unilever Limited (HINDUNILVR) pursuant to a Scheme of Arrangement (Demerger). The changes will be effective from December 5, 2025, with trading commencing at 10:00 AM following the special pre-open call auction session (SPOS). The lot size will be revised to 300, and new strike schemes will be applicable across different expiries.

Key Points

  • Corporate Action Type: Scheme of Arrangement (Demerger)
  • Symbol: HINDUNILVR (Hindustan Unilever Limited)
  • Ex-date and Effective Date: December 5, 2025
  • Revised Lot Size: 300
  • Trading Start Time: 10:00 AM on ex-date after SPOS completion
  • New Futures Contracts: Available for expiries 30-DEC-2025, 27-JAN-2026, 24-FEB-2026
  • Futures Spread Combinations: DEC25JAN26 and JAN26FEB26
  • Strike Scheme: Variable based on expiry (Near/Mid/Far month)
  • Strike Price Range: 20 to 4920 with varying step values

Regulatory Changes

The adjustments are made in pursuance of SEBI guidelines for futures and options contracts upon announcement of corporate actions. The strike scheme applicable for trading includes:

  • Near Month Expiry: Step value 20 (12 strikes)
  • Mid Month Expiry: Step value 20 (12 strikes)
  • Far Month Expiry: Step value 40 (6 strikes)

Option strikes will be made available based on price discovered in SPOS session and the applicable strike scheme. Additional strike prices may be introduced during the trading day depending on price movement in the Capital Market segment.

Compliance Requirements

  • Members must load updated files: Download and load the updated contract.gz and spd_contract.gz files from the directory faoftp/faocommon on the Extranet server before trading on ex-date
  • Failure to update: If latest files are not loaded, contracts cannot be set up in trading terminals and members will not be able to trade or view security details
  • System Readiness: Ensure trading applications are updated before market opening on December 5, 2025

Important Dates

  • Circular Date: December 4, 2025
  • Ex-date/Effective Date: December 5, 2025
  • Trading Commencement: December 5, 2025 at 10:00 AM
  • Futures Expiries: 30-DEC-2025, 27-JAN-2026, 24-FEB-2026

Impact Assessment

High Impact on:

  • All traders and market participants holding HINDUNILVR F&O positions
  • Trading systems requiring contract specification updates
  • Risk management systems needing recalibration for new lot size
  • Option traders due to revised strike schemes and availability

Operational Impact:

  • Existing open positions will be adjusted according to the scheme of arrangement
  • Strike price availability ranges from 20 to 4920 with step values of 20 (near/mid) and 40 (far month)
  • Price discovery in SPOS session will determine initial strike availability
  • Members must ensure technical readiness to avoid trading disruptions

Market Considerations:

  • The demerger represents a significant corporate restructuring of Hindustan Unilever Limited
  • Volatility may be expected during the transition period
  • Liquidity patterns may change as market participants adjust to new contract specifications

Impact Justification

Major corporate action affecting all F&O contracts of a large-cap stock with changes to lot size and strike schemes, requiring immediate action from traders and systems updates