--- title: "Ex-Date vs Record Date: Last Day to Buy Shares" canonical: "https://tapetide.com/learn/ex-date-vs-record-date" description: "Ex-date vs record date in India under next-day settlement: the last day to buy shares for a dividend, bonus or split, with worked NSE examples." author: "Sanjay Mehta" published: "2026-10-28" updated: "2026-10-28" generated_at: "2026-10-29T05:25:38.583Z" --- # Ex-date vs record date: when to buy a share to get the dividend, bonus or split By [Sanjay Mehta](https://tapetide.com/about/authors/sanjay-mehta), Research lead. Updated 2026-10-28. The ex-date is the first trading day on which a share trades without its dividend, bonus or split. The record date is the day the company checks who holds its shares. In India's T+1 settlement the two are usually the same day, so **the last day to buy is the trading day before the ex-date**. **Checked 28 October 2026.** Counts come from Tapetide's [corporate actions calendar](https://tapetide.com/corporate-actions), built from company filings with NSE and BSE, for actions with an ex-date from 1 January 2024 to 27 October 2026. ## Ex-date and record date at a glance | Term | What it means | What you do | | ----------------- | ---------------------------------------------------------------------- | -------------------------------------------- | | Announcement date | The board approves the dividend, bonus or split and tells the exchange | Note the record date in the filing | | Last day to buy | The trading day before the ex-date | Buy on or before this day to get the benefit | | Ex-date | The first day the share trades without the benefit | A buyer from today does not get it | | Record date | The company reads its register of shareholders | Holders on the register get the benefit | | Payment date | The dividend reaches your bank account, or new shares your demat | Within 30 days of declaration for dividends | ## Why the ex-date is now the record date A share you buy is not yours on the register until the trade settles. Under T+1 settlement, a purchase on Monday settles on Tuesday. For you to be on the register on the record date, your purchase must settle by that day. A trade one session before the record date settles on the record date itself, so that is the last day to buy. A trade on the record date settles a day too late. The exchange therefore makes the record date the first day the share trades without the benefit, and the two dates coincide. Before 2023, India used T+2 settlement and the ex-date was usually one trading day before the record date. The move to T+1 was completed for all listed shares on 27 January 2023. Many older articles still describe the T+2 gap. ## How often the two dates match | Corporate actions, ex-date 1 Jan 2024 to 27 Oct 2026 | Count | Share | | ---------------------------------------------------- | ----- | ------ | | Ex-date equals record date | 5,116 | 91.2% | | Record date on a weekend or holiday | 344 | 6.1% | | Other gaps between the two dates | 152 | 2.7% | | **Total with both dates** | 5,612 | 100.0% | When the record date is a Saturday, Sunday or exchange holiday, there is no trading on it, so the share goes ex on the last trading day before it. The rule that covers both cases: the ex-date is the last trading day on or before the record date. It held for 5,455 of the 5,612 actions (97.2%). Of the 157 actions that do not fit, 148 had a record date one trading session after the ex-date, 4 had other gaps, and 5 listed the same ex-date and record date on a day with no regular trading. Always use the ex-date the exchange publishes: it is the date that decides whether a buyer gets the benefit. ## Worked example: Infosys interim dividend Infosys (NSE: [INFY](https://tapetide.com/stocks/INFY)) announced an interim dividend of ₹26 a share on 23 October 2026. | Date | Day | What happens | | ----------- | ------- | -------------------------------------------------- | | 23 Oct 2026 | Friday | Board declares ₹26 interim dividend | | 2 Nov 2026 | Monday | Last day to buy and still receive the dividend | | 3 Nov 2026 | Tuesday | Ex-date and record date; buyers from today miss it | A share bought on Monday 2 November settles on Tuesday 3 November, the record date, so the buyer is on the register. A share bought on Tuesday 3 November settles on Wednesday 4 November, so the seller keeps the dividend. ## Worked example: record date on a Sunday Rites Ltd (NSE: [RITES](https://tapetide.com/stocks/RITES)) fixed Sunday 20 September 2026 as the record date for a ₹2.75 dividend. Markets were shut that day, so the share went ex on Friday 18 September 2026. The last day to buy was Thursday 17 September. ## Bonus issues and stock splits work the same way Bonus shares and splits also go ex on the record date. Bansal Wire Industries (NSE: [BANSALWIRE](https://tapetide.com/stocks/BANSALWIRE)) split its shares from ₹5 to ₹1 face value on 16 October 2026, with the ex-date and record date on the same day. A buyer on 15 October received the split shares; a buyer on 16 October bought shares that already traded at the split price. On the ex-date of a bonus or split, the price is divided by the factor by which your share count grows, so the value of your holding does not change. A split from ₹5 to ₹1 face value multiplies your shares by 5: 100 shares at ₹1,000 become 500 shares at about ₹200. A 1:1 bonus (one new share for each share held) doubles your shares and roughly halves the price. ## Three mistakes to avoid 1. **Buying on the ex-date.** The headline "last day to buy" in news alerts refers to the session before the ex-date. Buying on the ex-date itself is one day late. 2. **Reading an old T+2 guide.** Guides written before 2023 say to buy two days before the record date. Under T+1, one trading day before the ex-date is enough. 3. **Expecting a free gain.** The price drops by about the dividend on the ex-date. Buying just before the ex-date to "capture" a dividend leaves you with roughly the same total value, and the dividend is taxable income. ## Where to check the dates - [Corporate actions calendar](https://tapetide.com/corporate-actions): every announced dividend, bonus, split, rights issue and buyback, with ex-date and record date. - [Upcoming dividends](https://tapetide.com/insight/reports/upcoming-dividends): dividends going ex in the next 7 and 30 days, with the amount per share and the payout as a share of price. - [Bonus shares and stock splits](https://tapetide.com/insight/reports/bonus-shares-stock-splits): every bonus and split by year since 2018. - Each stock page lists the company's recent exchange filings, including the board outcome that declares a dividend, bonus or split. This guide explains how the dates work. It is not investment advice. ## Frequently asked questions ### What is the difference between ex-date and record date? The record date is the day the company checks its register of shareholders to decide who gets the dividend, bonus or split. The ex-date is the first trading day on which the share trades without that benefit. In India's T+1 settlement the two usually fall on the same day. ### Are the ex-date and record date the same in India? Usually, yes. Since the move to T+1 settlement completed on 27 January 2023, the ex-date is the record date when the record date is a trading day. Of 5,612 corporate actions with an ex-date from 1 January 2024 to 27 October 2026 in Tapetide's calendar, 5,116 (91.2%) had the same ex-date and record date. ### What is the last day to buy a share to get the dividend? The trading day before the ex-date. For the Infosys interim dividend of ₹26 a share, the ex-date and record date are both Tuesday 3 November 2026, so the last day to buy is Monday 2 November 2026. ### If I buy shares on the ex-date, do I get the dividend? No. A share bought on the ex-date settles one trading day later, after the record date has passed, so the seller is on the register and the seller receives the dividend. ### If I sell on the ex-date, do I still get the dividend? Yes. You were the holder going into the ex-date, and your sale settles after the record date, so you stay on the register for that corporate action. ### What happens when the record date falls on a weekend or holiday? The ex-date moves to the last trading day before the record date. Rites Ltd set Sunday 20 September 2026 as the record date for its ₹2.75 dividend, and the shares went ex on Friday 18 September 2026. ### Does the share price fall on the ex-date? The exchange adjusts for the benefit. On the ex-date the share no longer carries the dividend, so the price usually opens lower by about the dividend amount, though normal trading moves can hide the drop. For bonus issues and splits the price is divided by the factor by which the share count grows, for example 2 for a 1:1 bonus. ### Do the same dates apply to bonus shares and stock splits? Yes. Bonus issues, splits, rights issues and buybacks also have a record date and an ex-date. To receive bonus shares or split shares, buy before the ex-date, exactly as for a dividend. ### When is the dividend paid after the record date? Companies must pay a declared dividend within 30 days of declaration under the Companies Act, 2013. It is credited to the bank account linked to your demat account. ### Where can I see upcoming ex-dates and record dates? Tapetide's corporate actions calendar lists every announced dividend, bonus, split, rights issue and buyback with its ex-date and record date. The upcoming dividends report lists dividends going ex in the next 7 and 30 days. ## More guides - [How to Analyse a Stock in India, Step by Step](https://tapetide.com/learn/how-to-analyse-a-stock-india): A step-by-step checklist to analyse an Indian stock before investing: results, balance sheet, cash flow, shareholding and valuation, worked on Reliance. About the author: Sanjay Mehta leads research at Tapetide and writes its platform comparisons and market data reports. Tapetide provides research data and tools. Nothing here is investment advice.