Description

NSE Clearing announces adjustments to WIPRO futures and options contracts due to Rs. 6 dividend payment, with last cum-dividend date on January 23, 2026 and ex-dividend date on January 27, 2026.

Summary

NSE Clearing Limited has issued procedures for adjusting Futures and Options contracts in WIPRO LIMITED (WIPRO) due to a dividend payment of Rs. 6 per share. The last cum-dividend date is January 23, 2026, and the ex-dividend date is January 27, 2026. All futures contracts will be adjusted by reducing the daily settlement price by Rs. 6, and all options strike prices will be reduced by Rs. 6 and adjusted to the nearest tick size.

Key Points

  • Dividend amount: Rs. 6 per share
  • Last cum-dividend date: January 23, 2026
  • Ex-dividend date: January 27, 2026
  • All WIPRO futures positions will be marked-to-market on January 23, 2026, then carried forward at daily settlement price minus Rs. 6
  • All options strike prices will be reduced by Rs. 6 and adjusted to nearest tick size
  • Existing positions will automatically move to corresponding adjusted strike prices
  • Begin-of-day margins on January 27, 2026 will be computed based on adjusted carry forward values
  • Normal mark-to-market procedures resume from January 27, 2026

Regulatory Changes

No new regulatory changes. This circular implements standard procedures for dividend adjustments in derivatives contracts as per existing NSE framework.

Compliance Requirements

  • Clearing members must note the automatic adjustment of futures positions on January 23, 2026
  • All market participants must account for adjusted strike prices in options contracts from ex-dividend date
  • Margin calculations will be based on adjusted values from January 27, 2026
  • No manual action required from members as adjustments are processed automatically by the clearing corporation

Important Dates

  • January 20, 2026: Circular issued
  • January 23, 2026: Last cum-dividend date; futures positions marked-to-market and adjusted
  • January 27, 2026: Ex-dividend date; adjusted positions begin trading, normal MTM procedures resume, begin-of-day margins computed on adjusted values

Impact Assessment

Market Impact: High - affects all traders and investors holding WIPRO futures and options contracts across all expiry dates (January, February, and March 2026 contracts mentioned in examples).

Operational Impact: Automatic adjustments processed by clearing corporation. Example provided shows:

  • Futures: Position valued at Rs. 245 adjusted to Rs. 239 (Rs. 245 - Rs. 6 dividend)
  • Options: Strike prices adjusted downward by Rs. 6 (e.g., 245.00 CE becomes 239.00 CE, 247.50 PE becomes 241.50 PE, 250.00 PE becomes 244.00 PE)

Risk Management: Margin requirements will be recalculated based on adjusted values from January 27, 2026. Members should ensure adequate margins are maintained during the adjustment period.

Trading Impact: All open positions continue seamlessly at adjusted prices/strikes. No disruption to trading expected as this is a standard corporate action procedure.

Impact Justification

Mandatory adjustment of all WIPRO futures and options positions affecting all market participants holding these derivatives. Requires immediate attention for margin calculations and position valuations.