Description
Trading suspended in SBI 7.73% Perpetual AT1 Bonds from November 7, 2025 due to upcoming redemption and interest payment with record date of November 9, 2025.
Summary
BSE has announced the suspension of trading in State Bank of India’s 7.73% Perpetual AT1 Bonds (ISIN: INE062A08272, Code: 960238) effective from November 7, 2025. The suspension is in preparation for the bond redemption and interest payment with a record date set for November 9, 2025. Trading members are instructed not to deal in these bonds during the suspension period.
Key Points
- Trading suspension applies to SBI 7.73% Perpetual AT1 Private Bonds
- ISIN: INE062A08272, BSE Code: 960238
- Record date for redemption and interest payment: November 9, 2025
- No dealings allowed from November 7, 2025
- Notice reference: DR-751/2025-2026
- Circular issued by Marian Dsouza, Assistant Vice President – Listing Compliance and Operations
Regulatory Changes
No regulatory framework changes. This is a standard operational circular for bond redemption procedures as per existing BSE debt market regulations.
Compliance Requirements
- Trading Members: Must not execute any trades in the specified SBI bonds from November 7, 2025 onwards
- Dealers: Should remove the bonds from their trading systems and block any client orders for these securities
- Compliance Teams: Must ensure adherence to the no-dealings restriction to avoid regulatory violations
- All members must take note of the suspension and communicate to relevant stakeholders
Important Dates
| Date | Event |
|---|---|
| October 30, 2025 | Circular issue date |
| November 7, 2025 | Trading suspension begins (no dealings from this date) |
| November 9, 2025 | Record date for redemption and interest payment |
Impact Assessment
Market Impact: High - Trading suspension affects liquidity for holders of SBI perpetual AT1 bonds who may need to exit positions. Investors holding these bonds must retain them through the record date to receive redemption proceeds and final interest payment.
Investor Impact: Bondholders identified on the record date (November 9, 2025) will receive the redemption amount and accrued interest. Those seeking to trade out of positions must have completed transactions before November 7, 2025.
Operational Impact: Trading members must update their systems to block trades in this security and inform clients holding positions. Clearing and settlement systems will process the redemption through standard debt security redemption procedures.
Institution Affected: State Bank of India, India’s largest public sector bank, is redeeming these Additional Tier 1 (AT1) perpetual bonds, which are part of its regulatory capital structure.
Impact Justification
Trading suspension of perpetual AT1 bonds issued by India's largest bank affects bondholders and market liquidity. High importance due to redemption event and mandatory no-dealings period.