Description

NSE Clearing Limited announces adjustment of OFSS futures and options contracts due to a dividend of Rs. 270/- per share, effective May 06-07, 2026.

Summary

NSE Clearing Limited (Circular Ref. 45/2026, Download Ref NCL/CMPT/73910) has issued detailed instructions for the adjustment of Futures and Options contracts in Oracle Financial Services Software Limited (OFSS) due to a dividend of Rs. 270/- per share. This circular supplements NSE Circular No. 50/2026 dated April 24, 2026. Adjustments will be carried out on May 06, 2026 (last cum-dividend date) and take effect from May 07, 2026 (ex-dividend date).

Key Points

  • Dividend amount: Rs. 270/- per share
  • Last cum-dividend date: May 06, 2026
  • Ex-dividend date: May 07, 2026
  • All open OFSS futures positions will be marked-to-market on May 06, 2026 using the daily settlement price
  • Open futures positions will be carried forward at the daily settlement price reduced by Rs. 270/-
  • All OFSS options strike prices will be reduced by Rs. 270/- on the ex-dividend date and adjusted to the nearest tick size
  • Begin-of-day margins on May 07, 2026 will be computed based on the adjusted carry-forward values
  • Intra-day margins from May 07, 2026 will revert to normal procedures based on traded prices

Regulatory Changes

In accordance with established dividend adjustment procedures for equity derivatives:

  • Futures contracts: The daily mark-to-market settlement price on May 06, 2026 will serve as the reference rate, reduced by Rs. 270/-. Example: A position valued at Rs. 8,950/- per unit will be adjusted to Rs. 8,680/- (Rs. 8,950 – Rs. 270).
  • Options contracts: All cum-dividend strike prices will be reduced by Rs. 270/- on the ex-dividend date. Example: A CE strike of Rs. 8,500/- (May 26 expiry) adjusts to Rs. 8,230/-; a PE strike of Rs. 8,700/- (Jun 30 expiry) adjusts to Rs. 8,430/-.

Compliance Requirements

  • All clearing members and trading members must note the adjusted carry-forward values for futures positions effective May 07, 2026
  • Members must update their systems to reflect new adjusted strike prices for all OFSS options contracts
  • Position files for trade date May 06, 2026 will reflect adjusted values; members should reconcile their records accordingly
  • Begin-of-day margin requirements on May 07, 2026 must be computed using the adjusted carry-forward futures price

Important Dates

  • April 24, 2026: Original NSE Circular No. 50/2026 issued
  • April 27, 2026: This clarification circular (Ref. 45/2026) issued
  • May 06, 2026: Last cum-dividend date; futures MTM adjustment reference date
  • May 07, 2026: Ex-dividend date; adjusted strike prices effective; normal settlement procedures resume

Impact Assessment

This adjustment has a high operational impact on all market participants holding open positions in OFSS futures and options contracts. Traders with long futures positions will see their carry-forward value reduced by Rs. 270/- per unit (lot size: 75 units), translating to a Rs. 20,250/- reduction in position value per lot. Options holders will see all strike prices shift down by Rs. 270/-, which preserves the economic value of existing positions but requires system-level updates by brokers and clearing members. Margin computations will be affected on May 07, 2026. Members should proactively communicate these changes to their clients to avoid confusion around the adjusted prices appearing in position statements.

Impact Justification

Directly affects all open futures and options positions in OFSS; requires mandatory contract adjustments for dividend of Rs. 270/-, impacting settlement prices and strike prices for all members holding OFSS derivatives.