{"id":269270,"date":"2022-06-30T10:00:04","date_gmt":"2022-06-30T04:30:04","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269270"},"modified":"2022-06-30T10:14:09","modified_gmt":"2022-06-30T04:44:09","slug":"sebi-issued-a-circular-on-adjustment-in-derivative-contracts-for-dividend-announcements-to-review-the-framework","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/30\/sebi-issued-a-circular-on-adjustment-in-derivative-contracts-for-dividend-announcements-to-review-the-framework\/","title":{"rendered":"SEBI issues circular on Adjustment in derivative contracts for dividend announcements to review the framework"},"content":{"rendered":"
\n

On 28-06-2022, Securities and Exchange Board of India (\u2018SEBI’) issued a circular in order to protect the interest of the investors in securities and to promote development of and to regulate the securities market.<\/p>\n

Through circulars dated 18-12-2002 and circular dated 05-07-2018 (all reviewing adjustment of corporate actions for stock option), SEBI laid down:<\/p>\n

    \n
  1. \n

    Reviewed framework for adjustment of derivative contracts posts dividend announcements on the request of the stakeholders made through representations. The suggestions made by the stakeholders were examined by the Secondary Market Advisory Committee (\u2018SMAC’) of SEBI.<\/p>\n<\/li>\n

  2. \n

    Based on SMAC’s recommendation the adjustment in derivative contracts must be carried out where the dividends declared are at or 2% of the Market Value of the underlying stock.<\/p>\n<\/li>\n

  3. \n

    Revised threshold will be applicable for dividend announcements done on or after 29-06-2022.<\/p>\n<\/li>\n

  4. \n

    Provisions of the SEBI Circular dated 21-06-2001, 18-12-2002 and 05-07-2018 will be modified to the extent described in this circular.<\/p>\n<\/li>\n

  5. \n

    Directions are given to Stock Exchanges and Clearing Corporations to:<\/p>\n<\/li>\n<\/ol>\n

      \n
    • \n
        \n
      • Implement the circular properly and amend the relevant bye-laws, rules and regulations<\/li>\n
      • Bring the provisions of this circular in notice of their members and disseminate the same on their websites<\/li>\n
      • Give confirmation to SEBI that the provisions of the circular have been implemented.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        On 28-06-2022, Securities and Exchange Board of India (\u2018SEBI’) issued a circular in order to protect the interest of the investors in <\/p>\n","protected":false},"author":67011,"featured_media":264666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[49924,31392,2563],"class_list":["post-269270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-adjustment-in-derivative-contracts","tag-dividend","tag-SEBI"],"yoast_head":"\nSEBI issues circular on Adjustment in derivative contracts for dividend announcements to review the framework | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI issued a circular in order to protect the interest of the investors in securities and to promote development\" \/>\n<meta name=\"robots\" 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SEBI vide its circular ref. no. SEBI\/HO\/CDMRD\/CIR\/2016\/88 dated September 20, 2016 had inter-alia prescribed at Para 3(c) provisions regarding permission to allow modifications in contract specifications at the exchange level. 2. In order to streamline the process and after consultation with the exchanges, it has been decided to categorise\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":194026,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/15\/sebi-issues-circular-for-electronic-book-mechanism-for-issuance-of-securities-on-private-placement-basis\/","url_meta":{"origin":269270,"position":5},"title":"SEBI issues Circular for Electronic Book Mechanism for issuance of securities on private placement basis","author":"Saba","date":"March 15, 2018","format":false,"excerpt":"In exercise of powers conferred under Section 11(1) read with Regulation 31(2) of ILDS Regulations of the Securities and Exchange Board of India Act, 1992, SEBI has issued a circular for \u2018Electronic Book Mechanism\u2019 for issuance of securities on private placement basis. SEBI vide circular No. CIR\/IMD\/DF1\/48\/2016 dated 21-04-2016, mandated\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=269270"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269270\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/264666"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=269270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=269270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=269270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}