Description

NSE Clearing Limited announces adjustment procedures for Futures and Options contracts in ANGELONE due to a face value split from Rs.10 to Rs.1 per share, with an adjustment factor of 10 effective February 26, 2026.

Summary

NSE Clearing Limited (NCL) has issued procedures for adjusting Futures and Options (F&O) contracts in ANGEL ONE LIMITED (symbol: ANGELONE) on account of a face value split from Rs.10 per share to Rs.1 per share. The adjustment factor is 10, with an ex-date of February 26, 2026. All open F&O positions as of end of day February 25, 2026 will be adjusted accordingly.

Key Points

  • Adjustment Factor: 10 (face value split from Rs.10 to Rs.1 per share)
  • Ex-Date: February 26, 2026
  • Reference Circulars: SEBI circular SMDRP/DC/CIR-8/01 (June 21, 2001), NCL/CMPT/67750 (April 29, 2025), and NSE/FAOP/72897 (February 19, 2026)
  • Futures positions will be multiplied by the adjusted market lot as per Circular 26/2026
  • Futures prices will be divided by the adjustment factor of 10
  • Options strike prices will be divided by the adjustment factor of 10
  • Options positions will be multiplied by the adjusted market lot
  • Carry-forward value computed using pre-adjusted quantity × pre-adjusted settlement price to avoid rounding errors
  • Begin-of-day margins on February 26, 2026 will be based on adjusted carry-forward values

Regulatory Changes

Pursuant to NSCCL Byelaws on Clearing and Settlement and SEBI circular SMDRP/DC/CIR-8/01 dated June 21, 2001, NSE Clearing Ltd. will apply a standardised adjustment methodology to all open ANGELONE F&O contracts. The adjusted market lot is as specified in Circular no. 26/2026 (NSE/FAOP/72897) dated February 19, 2026.

Compliance Requirements

  • Clearing Members and Trading Members must ensure awareness of adjusted position sizes and prices effective February 26, 2026
  • All open positions in ANGELONE futures and options will be automatically adjusted by NSE Clearing Ltd. — no manual intervention required for the adjustment itself
  • Members should update internal risk and margin systems to reflect adjusted contract specifications from February 26, 2026
  • Intra-day margins from February 26, 2026 onward will be computed based on relevant traded prices at the time intra-day SPAN risk parameter files are generated

Important Dates

  • February 25, 2026: Last day before adjustment; all open ANGELONE F&O positions will be marked-to-market based on daily settlement price; adjusted positions carried forward at adjusted value
  • February 26, 2026 (Ex-Date): Adjusted contracts take effect; begin-of-day margins computed on adjusted carry-forward values; normal daily MTM settlement resumes under adjusted parameters

Impact Assessment

All holders of open ANGELONE futures and options contracts will see their positions, prices, and strike prices adjusted by a factor of 10. For futures: the number of contracts (in lots) increases by 10x while the price per unit decreases by 10x, keeping overall economic exposure neutral. For options: strike prices are reduced to 1/10th and position sizes increase proportionally. Traders and risk managers must update their systems before the February 26, 2026 ex-date. Margin requirements will shift in line with adjusted values. The adjustment is value-neutral by design but operationally significant for all market participants with open ANGELONE derivatives positions.

Impact Justification

Directly affects all open F&O positions in ANGELONE with mandatory contract adjustments; traders must recalibrate positions, strike prices, and margins ahead of the ex-date on February 26, 2026.