12 Dec 2025, 02:54 PM

Adjustment of F&O contracts of NUVAMA on account of Split

As per the circular, effective from December 26th, 2025 (ex-date), the NUVAMA F&O contracts will be revised based on the split adjustment factor.

Calculation of the adjustment factor: The adjustment factor for the stock split of A: B is defined as (A/B). In the case of NUVAMA, the adjustment factor is (5/1) = 5, since the split ratio is 5:1.

Adjustment for Futures Contracts:

Futures base price: The adjusted futures base price will be arrived at by dividing the settlement price of the future one day before the ex-date by the adjustment factor.

Futures lot size:

The adjusted market lot is arrived at by multiplying the old market lot by the adjustment factor.

For December 2025 contracts, the revised lot size is 375.

For January 2026 onwards, the revised lot size is 500.

Example: If you are holding a position in NUVAMA DEC FUT, and on the pre-ex-date (December 24, 2025) the future closes at 7365, then on the ex-date the price will be adjusted to 1473 (Price on pre-ex-date: 7365 / Adjustment Factor: 5). The lot size will be adjusted to 375 (Current lot size 75 × Adjustment Factor 5).

Adjustment for Options Contracts:

Strike Price: The adjusted strike price will be arrived at by dividing the old strike price by the adjustment factor.

Lot Size: The adjusted lot size will be arrived at by multiplying the old market lot by the adjustment factor.

The revised lot size would be 375 for December 2025 contracts and 500 for January 2026 onwards 

Example: If you are holding a position in NUVAMA DEC 7000 CE, the current lot size is 75.
On the ex-date, the 7000 CE will be adjusted to 1400 CE (Strike Price: 7000 / Adjustment Factor: 5), and the lot size will be adjusted to 375 (Current lot size 75 × Adjustment Factor 5).

Also, if you hold equity shares of NUVAMA in your demat account as of December 26th, 2025 (ex-date), you will be entitled to receive the split shares, which will be credited to your demat account usually within two working days from the ex-date.