Description
NSE Clearing Limited announces adjustment of futures and options contracts for INDIANB effective June 10, 2026 (ex-dividend date), with a dividend deduction of Rs. 18.25/- applied to futures settlement prices and options strike prices.
Summary
NSE Clearing Limited (Circular Ref. No. 52/2026, Download Ref No. NCL/CMPT/74060) has announced the adjustment of all Futures and Options contracts in INDIAN BANK (INDIANB) in connection with an upcoming dividend. The adjustment will take effect on June 10, 2026 (ex-dividend date), with the last cum-dividend date being June 09, 2026. A dividend amount of Rs. 18.25/- per share will be deducted from futures daily settlement prices and options strike prices.
Key Points
- Dividend amount to be deducted: Rs. 18.25/-
- Last cum-dividend date: June 09, 2026
- Ex-dividend date (adjustment effective): June 10, 2026
- All open futures positions in INDIANB will be marked-to-market on June 09, 2026, and carried forward at daily settlement price less Rs. 18.25/-
- All options strike prices will be reduced by Rs. 18.25/- on ex-dividend date and adjusted to the nearest tick size
- Begin-of-day margins on June 10, 2026 will be computed based on the adjusted carry-forward value
- This circular is pursuant to NSE Circular No. 56/2026 (Download No. NSE/FAOP/74032) dated May 04, 2026
Regulatory Changes
No new regulatory framework is introduced. This is a standard corporate-action-driven contract adjustment under existing NSE Clearing procedures for dividend events impacting F&O contracts.
Compliance Requirements
- Clearing Members and Trading Members must note the adjusted carry-forward prices for futures positions in INDIANB from June 10, 2026 onwards.
- Members must ensure client position records reflect the new adjusted strike prices for options contracts.
- Intra-day margins from June 10, 2026 will revert to computation based on relevant traded prices at the time intra-day SPAN risk parameter files are generated.
Important Dates
| Date | Event |
|---|---|
| May 04, 2026 | NSE parent circular (No. 56/2026) issued |
| May 05, 2026 | This adjustment circular issued (NCL/CMPT/74060) |
| June 09, 2026 | Last cum-dividend date; MTM settlement at daily price for all INDIANB futures |
| June 10, 2026 | Ex-dividend date; adjusted carry-forward prices and new strike prices become effective |
Impact Assessment
Futures Contracts: All open positions will be carried forward at a reduced price. Example: a position valued at Rs. 848.00/- will be adjusted to Rs. 829.75/- (Rs. 848.00 – Rs. 18.25) from June 10, 2026. This reduces the notional long value per lot accordingly.
Options Contracts: All cum-dividend strike prices will be reduced by Rs. 18.25/- and rounded to the nearest tick size. Example: a CE strike of 850.00 becomes 831.75, and a PE strike of 860.00 becomes 841.75. Existing positions are automatically migrated to the new adjusted strikes.
Market Impact: The adjustment is mechanical and value-neutral in aggregate (the dividend amount is merely redistributed from the contract price), but members must update risk systems, margin models, and position reporting to reflect adjusted values effective June 10, 2026. Failure to account for the adjustment could result in incorrect margin calculations or position mismatches.
Impact Justification
Routine dividend-driven F&O contract adjustment affecting all open positions in INDIANB futures and options; operationally significant for holders of these contracts but limited to a single underlying security.