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Mid-July Dividend Deadlines Trigger Rush for T+1 Record-Date Purchases

Accelerated settlement rules have narrowed eligibility windows, prompting traders to front-load purchases.

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Overview

  • July 14 was the final trading day to buy shares for today’s payouts from IDBI Bank, Mahindra & Mahindra Financial Services, CAMS, Aditya Birla Real Estate and Energy Infrastructure Trust.
  • Investors must hold TCS shares by the close of trading today to qualify for its Rs 11 interim dividend worth about Rs 3,980 crore ahead of the July 16 record date.
  • Under India’s T+1 settlement cycle, share purchases must settle one day before each record date, compressing decision timelines and intensifying pre-ex-date trading.
  • Clustering of mid-July ex-dividend and record dates across more than a dozen firms has driven a surge in trading volumes and led to predictable price declines on ex-dividend days.
  • Market participants are positioning today for Thursday’s record dates for Anant Raj, Piramal Pharma, Ultramarine & Pigments, Avadh Sugar, B&A Packaging, DJ Mediaprint and TCI Express.