NATIONAL STOCK EXCHANGE OF INDIA LIMITED

FUTURES & OPTIONS SEGMENT

CIRCULAR

Circular No: NSE/F&O/108/2008 October 06, 2008

Download No: NSE/FAOP/11436

Dear Members,

Subject: Adjustment of Futures and Options contracts in the security Opto Circuits (India) Limited (OPTOCIRCUI)

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:

Opto Circuits (India) Limited has informed the Exchange that the Record Date for the purpose of issue of Bonus shares in the Ratio of 7:10 (Seven Bonus share for every Ten Equity shares held) as approved by the shareholders at their Annual General Meeting held on September 30, 2008 is fixed on November 04, 2008.

Symbol : OPTOCIRCUI

Bonus issue ratio : 7:10

Ex-date : November 03, 2008

Record Date : November 04, 2008

Adjustment factor:

Adjustment factor for Bonus issue of A: B is defined as (A+B)/B. In the case of OPTOCIRCUI, the adjustment factor is 17/10 =1.7 since the bonus issue ratio is 7:10.

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 1020.

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 1020.

The above changes shall be effective from November 03, 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 November 03, 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 31, 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	OPTOCIRCUI	27NOV2008	245.00	CA	600
OPTSTK	OPTOCIRCUI	27NOV2008	245.00	PA	600
OPTSTK	OPTOCIRCUI	27NOV2008	250.00	CA	600
OPTSTK	OPTOCIRCUI	27NOV2008	250.00	PA	600

Options contracts after adjustment:

Instrument	Symbol	Expiry date	Strike	Type	Market Lot
OPTSTK	OPTOCIRCUI	27NOV2008	144.10	CA	1020
OPTSTK	OPTOCIRCUI	27NOV2008	144.10	PA	1020
OPTSTK	OPTOCIRCUI	27NOV2008	147.05	CA	1020
OPTSTK	OPTOCIRCUI	27NOV2008	147.05	PA	1020

Futures contract before adjustment:

Instrument	Symbol	Expiry date	Futures Base Price**	Market Lot
FUTSTK	OPTOCIRCUI	27NOV2008	251.00	600

Futures contract after adjustment:

Instrument	Symbol	Expiry date	Futures Base Price**	Market Lot
FUTSTK	OPTOCIRCUI	27NOV2008	147.65	1020

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

The revised strike/futures prices on account of adjustment would appear in decimal places. The strike/futures prices shall be rounded off to the nearest tick size.