Description

NSE notifies the listing of 8 State Development Loans and 3 Treasury Bills on the capital market segment effective October 17, 2025.

Summary

NSE has admitted 11 government securities for trading on the capital market segment effective October 17, 2025. The listing includes 8 State Development Loans (SDLs) from various states and 3 Treasury Bills with different maturity periods. All securities will trade in lot sizes of 100 units.

Key Points

  • 8 State Development Loans (SDLs) listed from Odisha, Bihar, Jammu & Kashmir, Gujarat, Telangana, Uttar Pradesh, and Tamil Nadu
  • Coupon rates for SDLs range from 6.58% to 7.31%
  • Maturity dates for SDLs span from 2029 to 2051
  • 3 Treasury Bills listed: 91-day (maturing Jan 15, 2026), 182-day (maturing Apr 16, 2026), and 364-day (maturing Oct 15, 2026)
  • All securities designated with specific ISIN codes for trading identification
  • Standard lot size of 100 units applies to all listed securities
  • Circular issued pursuant to Regulation 3.1.1 and 2.5.5 of NSE Capital Market Trading Regulations Part A

Regulatory Changes

No regulatory changes. This is a routine listing notification under existing regulations.

Compliance Requirements

  • Trading members must use designated security codes for system trading
  • Securities to be traded only in specified lot sizes of 100 units
  • Trading must follow NSE Capital Market Trading Regulations Part A

Important Dates

  • Circular Date: October 15, 2025
  • Effective Date: October 17, 2025
  • T-Bill Maturities: January 15, 2026; April 16, 2026; October 15, 2026
  • SDL Maturities: Range from October 15, 2029 to October 15, 2051

Impact Assessment

This is a routine administrative circular with minimal market impact. The listing expands the universe of government securities available for trading on NSE’s capital market segment, providing additional investment options for institutional investors and debt market participants. No impact on equity markets or retail investors. The securities are government-backed instruments suitable for fixed-income portfolios.

Securities Details

State Development Loans (SDLs):

  1. Odisha SDL 7.28% 2049 (IN2720250108)
  2. Bihar SDL 7.31% 2045 (IN1320250161)
  3. Jammu & Kashmir SDL 7.31% 2045 (IN4920250151)
  4. Gujarat SDL 7.07% 2034 (IN1520250169)
  5. Telangana SDL 7.3% 2051 (IN4520250478)
  6. Uttar Pradesh SDL 7.12% 2033 (IN3320250050)
  7. Odisha SDL 7.08% 2033 (IN2720250090)
  8. Tamil Nadu SDL 6.58% 2029 (IN3120250326)

Treasury Bills:

  1. GOI TBILL 91D-15/01/26 (IN002025X299)
  2. GOI TBILL 182D-16/04/26 (IN002025Y297)
  3. GOI TBILL 364D-15/10/26 (IN002025Z294)

Impact Justification

Routine listing of government securities with no impact on equity trading or market participants beyond debt segment traders