Record date vs ex-date: corporate action eligibility
On record date vs ex-date, both dates govern who is eligible for a corporate action, but they answer different questions. The record date is the cut-off that fixes which shareholders are on the register for a dividend, bonus, split, or rights issue. The ex-date is the first day the share trades without that entitlement. This guide compares record date vs ex-date and how they line up under India's settlement cycle. It is not investment advice.
Definition
Record date versus ex-date
both govern eligibility for a corporate action. The record date is the cut-off that fixes who is on the register. The ex-date is the first day the share trades without the entitlement. Since India moved to T+1 settlement in January 2023, they generally fall on the same day. Source: SEBI, NSE.
What does each date decide?
The record date looks at the register. On the record date, the company reads its list of shareholders and pays or allots the corporate action to whoever is on it. The ex-date looks at trading. From the ex-date, the share trades without the entitlement, so a buyer on or after the ex-date does not receive that action. The record date is set by the company under LODR Regulation 42; the exchange fixes the ex-date for trading.
How do they line up in India?
The relationship depends on the settlement cycle. Under the earlier T+2 cycle, the ex-date fell one trading day before the record date. Since India moved to the T+1 rolling settlement cycle in January 2023, the ex-date and record date for corporate actions generally fall on the same day.
| What to check | Record date | Ex-date |
|---|---|---|
| What it fixes | Who is on the register | When the share trades without the entitlement |
| Set by | The company, under LODR Reg 42 | The stock exchange |
| Under T+1 (since Jan 2023) | Same day | Same day |
| Under old T+2 | One day after ex-date | One day before record date |
Same day under T+1
Since India's move to T+1 settlement in January 2023, the ex-date and record date generally coincide
Source: SEBI, NSE
Which date matters for eligibility?
Eligibility is fixed by the register on the record date, and a purchase must settle by then to count. Because settlement in India is now T+1, the ex-date and record date generally coincide, so the ex-date is the practical marker for when a share starts trading without the benefit. For the standalone explainer, see what is a record date, and for related actions, stock split vs bonus issue and what is a rights issue.
Flock reads disclosure filings and keeps each one dated and linked to its source, so you can move from a corporate-action announcement to the exchange filing in one step. What any of it means for your money is your call to make.
Frequently asked questions
What is the difference between the record date and the ex-date?
The record date is the cut-off date that fixes which shareholders are on the register for a corporate action. The ex-date is the first day the share trades without the entitlement. One decides eligibility from the register; the other marks when the share starts trading without the benefit. Source: SEBI, NSE.
Are the record date and ex-date the same day in India?
Since India moved to the T+1 rolling settlement cycle in January 2023, the ex-date and record date for corporate actions generally fall on the same day. Under the earlier T+2 cycle the ex-date was one trading day before the record date. Source: SEBI, NSE.
Who sets these dates?
The listed company sets the record date and notifies the exchanges under SEBI LODR Regulation 42. The exchange fixes the corresponding ex-date for trading. Both are announced to the market before the corporate action so shareholders and buyers know the eligibility cut-off. Source: SEBI, NSE.
Where can I find these dates for a stock?
Both dates appear in the corporate-action section on the NSE and BSE websites and in the company's exchange filings. The announcement states the action, the record date, and the ex-date. Source: NSE, BSE.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.