Purpose: To check whether dividend declaration date and ex- dividend date fall any impact on the returns of nifty 50 securities at different time frames.

Design/Methodology/Approach: In this research secondary data was used from the date 1st April 2022 to 1st March 2023. This data was collected from the trust worthy websites of nseindia.com and investing.com. Event study methodology was employed in this research. Paired t test was applied on the data of different time frames. Research tools as SPSS, advanced excel and smart PLS were applied in this research.

Result: It was found that there was no significant impact of dividend declaration and ex-dividend date on returns of securities at different time frames. Correlation coefficients were also indicating that there was no significant relationship between both the factors. When 7 days Cumulative Abnormal Returns (CAR) were computed, it was found no impact of both the above mentioned factors on Cumulative Abnormal Returns (CAR)

Originality / value: The study was conducted to guide the investors’ whether they should invest in securities after announcement of dividend by companies or not. It would-be helpful for traders and investor in making right decision, based on dividend announcement of the company.