The invention relates to an adjusting device for a watch, comprising an adjusting shaft 1 which can be moved from a normal position into a zero position by axial movement, wherein a spring-operated zero-setting drive can be triggered by the movement of the adjusting shaft 1 from the normal position into the neutral position, and a pointer is driven to the neutral position. The device also comprises a clutch by which the pointer shaft is frictionally coupled to the movement of the watch, a pretensioned coupling spring 20 is arranged between the pointer shaft and a gear train drive 25 of the movement, and which loads the coupling in the coupling-on direction. The clutch is a detachable, non-positive and / or positive-locking clutch which has a first clutch disk coaxial with the pointer shaft with which the pointer shaft is connected in a rotationally fixed manner and which has a second clutch disk 17 and a third clutch disk 18 which is non-rotatably connected to the traction drive 25. The second clutch disk 17 and the third clutch disk 18 receive the first clutch disk 16 coaxially with respect to the pointer shaft and are acted upon by the clutch spring disc 20 against the first clutch disk 16 with a separating device which can be actuated by the actuating shaft 1. The second clutch disk 17 and the third clutch disk 18 can be moved out of their closing positions, which frictionally engage the first clutch disk 16, into their opening positions, which are lifted off the first clutch disk 16.