Description

BSE notifies trading members of partial redemption of Pass Through Certificates (PTCs) across nine Vajra Trust series, resulting in reduced face values effective February 25, 2026.

Summary

BSE has notified trading members that Axis Trustee Services Limited has communicated the reduced face values arising from partial redemption of nine series of Pass Through Certificates (PTCs) issued under the Vajra Trust umbrella. The revised face values are effective for trading from February 25, 2026 (Reference: DR-828/2025-2026).

Key Points

  • Nine PTC series across multiple Vajra Trust entities are subject to partial redemption
  • Axis Trustee Services Limited is the trustee communicating the reduced face values
  • Reduced face values vary significantly across series, ranging from approximately Rs. 6.91 lakh to Rs. 1.05 crore per PTC
  • All PTCs must be traded at the new reduced face values effective February 25, 2026
  • The circular covers instruments across different maturity profiles (2026 through 2034)

Regulatory Changes

No new regulatory framework is introduced. This is an operational update pursuant to partial redemption events under existing PTC structures governed by Axis Trustee Services Limited.

Compliance Requirements

  • Trading members must update their systems to reflect the new reduced face values for each of the nine affected PTC scrips
  • All trades executed on or after February 25, 2026 must use the revised face values as listed below:
    • VAJRA010-9.50%-20-06-28-PTC (INE0YD715011 / 975785): Rs. 45,29,239.54 per PTC
    • VAJRA009-9.25%-20-11-26-PTC (INE0YD015016 / 975786): Rs. 6,91,244.92 per PTC
    • V07T-9.75%-20-7-30-PTC (INE0UQJ15015 / 975577): Rs. 23,22,488.76 per PTC
    • V08T-9.75%-20-2-27-PTC (INE0UQO15015 / 975578): Rs. 19,46,169.92 per PTC
    • VAJRA 12-9.25%-20-10-28-PTC (INE10VT15014 / 975906): Rs. 15,76,125.66 per PTC
    • VAJRA-9.25%-20-1-31-PTC (INE10VT15022 / 975907): Rs. 85,96,020.94 per PTC
    • VJRA011-9.25%-20-9-27-PTC (INE116015012 / 975901): Rs. 35,57,258.96 per PTC
    • VT-9.25%-20-5-27-PTC (INE20NI15021 / 976744): Rs. 91,83,158.79 per PTC
    • VJ016T-9.25%-20-6-34-PTC (INE1ZSF15016 / 976719): Rs. 1,05,28,110.74 per PTC

Important Dates

  • Circular Date: February 24, 2026
  • Effective Date for Reduced Face Value Trading: February 25, 2026
  • Reference Number: DR-828/2025-2026

Impact Assessment

The partial redemptions reduce the outstanding principal on these PTCs, directly lowering the face value at which they trade on the BSE debt market segment. Investors and trading members holding or transacting in these instruments must account for the new face values in valuations, settlement, and margin calculations. The impact is confined to participants in the structured debt/securitisation market and does not affect equity markets. The wide range of reduced face values reflects varying principal repayment amounts across the different Vajra Trust series.

Impact Justification

Affects a specific set of debt instruments (PTCs) under Vajra Trust series; operationally significant for holders and traders of these instruments but limited to a niche segment of the debt market.