Description

NSE has updated the list of privately issued corporate bonds eligible and ineligible for DVP-3 settlement on the Institutional platform of Debt Segment, effective October 15, 2025.

Summary

The National Stock Exchange of India has issued a revised list of privately issued corporate bonds that are eligible (flagged as ‘a’) and ineligible (flagged as ’d’) for DVP-3 settlement on the Institutional platform of the Debt Segment. This circular references previous circulars from May 8, 2013 (NSE/CML/23366) and October 25, 2013 (NSE/DS/24832). The updated list includes bonds from major issuers including Reliance Industries (RIL), Larsen & Toubro (LT), REC Limited (RECL), Tata Capital Housing Finance (TCHF), HDFC Bank (HDBK), and Indian Railway Finance Corporation (IRFC). The changes are effective from October 15, 2025.

Key Points

  • Revised list of corporate bonds eligible for DVP-3 settlement on Institutional Debt Platform
  • Bonds are flagged as ‘a’ for eligible and ’d’ for ineligible
  • References to previous circulars establishing the framework: NSE/CML/23366 (May 8, 2013) and NSE/DS/24832 (October 25, 2013)
  • Multiple bonds from major corporate issuers are included in the list
  • Bonds listed include various maturity dates ranging from 2026 to 2035
  • Instrument types include IINGDB, IONGDB, IINGCL, IONGCL, IINGPT, IONGPT, and IINGBB

Regulatory Changes

This circular provides an operational update rather than introducing new regulatory changes. It updates the eligibility status of specific corporate bonds for DVP-3 settlement mechanism on the Institutional platform, maintaining the existing regulatory framework established in 2013.

Compliance Requirements

  • Members must note the revised eligibility list provided in Annexure I
  • Trading members dealing in institutional debt platform must ensure compliance with DVP-3 settlement requirements for listed bonds
  • Participants must distinguish between eligible (‘a’ flagged) and ineligible (’d’ flagged) bonds for settlement purposes

Important Dates

  • Circular Date: October 14, 2025
  • Effective Date: October 15, 2025
  • Circular Reference Number: 2014/2025
  • Download Reference Number: NSE/CML/70803

Impact Assessment

Market Impact: Medium impact on institutional debt market participants who trade corporate bonds on NSE’s Institutional Platform. The revision affects settlement mechanisms and operational procedures for specific bonds.

Operational Impact: Trading members and institutional participants will need to update their systems and processes to reflect the revised eligibility status of listed bonds. This ensures proper settlement routing for DVP-3 eligible securities.

Affected Entities: Institutional investors, trading members, custodians, and clearing members dealing with privately placed corporate bonds on NSE’s Institutional Debt Platform.

Bond Issuers Affected: The circular lists bonds from major issuers including Reliance Industries (RIL), Larsen & Toubro (LT), REC Limited (RECL), Tata Capital Housing Finance (TCHF/TCHFL), HDFC Bank (HDBK), and Indian Railway Finance Corporation (IRFC) with various maturity dates spanning multiple years.

Impact Justification

Operational update affecting institutional debt market participants trading corporate bonds under DVP-3 settlement. Medium impact as it relates to specific settlement mechanism eligibility for institutional platform participants.