Do dividends really impact the futures and options potions since derivatives do not receive dividends?

Investors often believe that since the holders of futures do not receive dividends they need not worry about the impact of dividends on futures prices. The truth is that futures are impacted by dividends. If company is quoting in the cash market at Rs.523 and there is a dividend payable of Rs.13, then the futures price for the month will be adjusted downward by that amount. That does not mean that the futures is cheap or that it is underpriced priced due to the discount. Once the dividend ex-date is over, the parity returns. Stock futures often trade at a discount when there is a dividend implication in the stock before the expiry. Don’t take that a buy signal! The point to be noted is that even though the derivative holders do not get dividends, they are still impacted because the dividends impact the stock price and thus indirectly impact the futures and options position too.