Description
NSE Clearing Limited announces adjustment of INFY futures and options contracts due to a dividend of Rs. 25/- per share, effective June 9–10, 2026, with strike prices and settlement prices reduced accordingly.
Summary
NSE Clearing Limited (NCL), pursuant to NSE Circular No. 52/2026 (dated April 28, 2026), has detailed the clearing and settlement actions to be taken for Futures and Options contracts on INFOSYS LIMITED (INFY) in light of a declared dividend of Rs. 25/- per share. Adjustments will be applied on the last cum-dividend date (June 9, 2026) and the ex-dividend date (June 10, 2026).
Key Points
- Dividend amount triggering adjustment: Rs. 25/- per share
- Last cum-dividend date: June 09, 2026
- Ex-dividend date: June 10, 2026
- All open INFY futures positions will be marked-to-market on June 9, 2026, and carried forward at the daily settlement price less Rs. 25/-
- All INFY options strike prices will be reduced by Rs. 25/- on the ex-dividend date and rounded to the nearest tick size
- Existing positions automatically migrate to the new adjusted strike prices; no action required by members
- Begin-of-day margins on June 10, 2026 will be computed on the adjusted carry-forward values for futures
- Intra-day margins on June 10 will revert to normal traded-price-based computation
Regulatory Changes
This circular implements a contractual adjustment mechanism under NSE/NCL rules governing corporate actions. It is not a new regulation but an application of existing dividend-adjustment procedures to INFY contracts. The reference circular is NSE Circular No. 52/2026 (Download No. NSE/FAOP/73942) dated April 28, 2026.
Compliance Requirements
- Members must note the adjusted positions in futures and options as reflected in position files post-adjustment
- No manual action is required from clearing or trading members — adjustments are applied automatically by the clearing corporation
- Members should update internal risk and margin systems to reflect the adjusted carry-forward values effective June 10, 2026
- Position files for trade date June 9, 2026 will reflect adjusted values; members should reconcile accordingly
Important Dates
| Date | Event |
|---|---|
| April 28, 2026 | Parent NSE Circular No. 52/2026 issued |
| April 30, 2026 | This NCL circular issued (NCL/CMPT/74001) |
| June 09, 2026 | Last cum-dividend date — MTM settlement at daily price; positions carried forward at price minus Rs. 25/- |
| June 10, 2026 | Ex-dividend date — adjusted strike prices effective; normal MTM resumes; BOD margins on adjusted values |
Impact Assessment
Futures Contracts: All open INFY futures positions (across all expiries including Jun-2026 and Jul-2026) will see their carry-forward price reduced by Rs. 25/-. For example, a position valued at Rs. 1,170/- will be carried forward at Rs. 1,145/-. This is an economic pass-through of the dividend, not a loss — the reduction mirrors the expected price drop on the ex-date.
Options Contracts: All cum-dividend strike prices will be reduced by Rs. 25/- and rounded to the nearest tick. Example adjustments: CE strike 1200.00 → 1175.00; PE strike 1400.00 → 1375.00. Positions remain open in the new adjusted strikes without requiring any rollover.
Margins: Begin-of-day SPAN margins on June 10, 2026 will use adjusted carry-forward values, which may alter initial margin requirements. Intra-day margins will normalize based on live traded prices once the session begins.
Overall Impact: High — affects every market participant with open INFY F&O positions. The adjustment is mechanically applied and economically neutral in theory, but members must ensure their back-office and risk systems correctly process the adjusted values to avoid margin discrepancies or reconciliation issues.
Impact Justification
Directly modifies contract economics for all open INFY F&O positions — futures carry-forward prices and all options strike prices are mechanically reduced by Rs. 25/- on the ex-dividend date, affecting margin calculations and P&L for every market participant holding INFY derivatives.