NATIONAL STOCK EXCHANGE OF INDIA LIMITED

FUTURES & OPTIONS SEGMENT

CIRCULAR

Circular No: NSE/F&O/105/2008 October 1, 2008

Download No: NSE/FAOP/11411

Dear Members,

Subject: Adjustment of Futures and Options contracts in the security United Phosphorous Limited (UNIPHOS)

In pursuance of SEBI guidelines for adjustments to futures and options contracts on announcement of corporate action the members are informed of the following:

Corporate action:

United Phosphorous Limited has informed the Exchange that the Company has fixed the Record Date on October 31, 2008 for the purpose of Bonus Shares in the proportion of 1 (One) new Equity Share of the Company of Rs.2/- each for every 1 (One) existing Equity Share of the Company of Rs.2/- each..

Symbol : UNIPHOS

Bonus issue ratio : 1:1

Ex-date : October 29, 2008

Record Date : October 31, 2008

Adjustment factor:

Adjustment factor for Bonus issue of A: B is defined as (A+B)/B. In the case of UNIPHOS, the adjustment factor is 2/1 =2 since the bonus issue ratio is 1:1.

Adjustments for Options Contracts:

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

2.   Market Lot: The adjusted market lot shall be arrived at by multiplying the old market lot by the adjustment factor. The revised market lot would be 1400.

Adjustments for Futures Contracts:

1.   Futures Base Price: The adjusted Futures Base Price shall be arrived at by dividing the old Futures Base Price by the adjustment factor.

2.   Market Lot: The adjusted market lot shall be arrived at by multiplying the old market lot by the adjustment factor. The revised market lot would be 1400.

The above changes shall be effective from October 29, 2008.

An example of the adjustments described above is given in Annexure 1.

The methodology for position adjustments shall be separately intimated by NSCCL.

Members are requested to load the following files in the NEATFO software before trading on October 29, 2008.

1.      Security.gz

2.      Contract.gz

These files can be obtained from the directory faoftp/faocommon on the Extranet server.

The details of the revised option strike prices will be informed to members through a circular separately on October 28, 2008.

For any clarifications, members are advised to contact the following officials:

Ms .Prakriti Dabral, Mr. Sachin Dhar and Mr. Janardhan Gujaran at 022-26598151 and 022-26598152.

For and on behalf of

National Stock Exchange of India Limited

Suprabhat Lala

Assistant Vice President

ANNEXURE I

Option contracts before adjustment:

Instrument	Symbol	Expiry date	Strike	Type	Market Lot
OPTSTK	UNIPHOS	29OCT2008	290.00	CA	700
OPTSTK	UNIPHOS	29OCT2008	290.00	PA	700
OPTSTK	UNIPHOS	29OCT2008	300.00	CA	700
OPTSTK	UNIPHOS	29OCT2008	300.00	PA	700

Options contracts after adjustment:

Instrument	Symbol	Expiry date	Strike	Type	Market Lot
OPTSTK	UNIPHOS	29OCT2008	145.00	CA	1400
OPTSTK	UNIPHOS	29OCT2008	145.00	PA	1400
OPTSTK	UNIPHOS	29OCT2008	150.00	CA	1400
OPTSTK	UNIPHOS	29OCT2008	150.00	PA	1400

Futures contract before adjustment:

Instrument	Symbol	Expiry date	Futures Base Price**	Market Lot
FUTSTK	UNIPHOS	29OCT2008	304.60	700

Futures contract after adjustment:

Instrument	Symbol	Expiry date	Futures Base Price**	Market Lot
FUTSTK	UNIPHOS	29OCT2008	152.30	1400

**The price is only an indicative value for the purpose of example.