Description

NSE announces listing of 15 new government securities including Treasury Bills and State Development Loans from various states for trading on capital market segment effective October 31, 2025.

Summary

NSE has admitted 15 new government securities for trading on the Capital Market segment effective October 31, 2025. The listing includes 3 Treasury Bills (91-day, 182-day, and 364-day) and 12 State Development Loans from various states including Haryana, Goa, Jammu & Kashmir, Punjab, Madhya Pradesh, Himachal Pradesh, Sikkim, and Uttar Pradesh. All securities will trade in lot sizes of 100 units and will be identified by their designated security codes.

Key Points

  • 15 new government securities admitted to NSE Capital Market segment
  • Includes 3 Treasury Bills: 91-day (maturing Jan 29, 2026), 182-day (maturing Apr 30, 2026), and 364-day (maturing Oct 29, 2026)
  • 12 State Development Loans from 8 states with maturity dates ranging from 2031 to 2047
  • Coupon rates on SDLs range from 6.99% to 7.49%
  • All securities have a uniform lot size of 100 units
  • Trading identified by designated security codes and symbols
  • Effective date: October 31, 2025

Regulatory Changes

This circular is issued pursuant to Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A. The notification expands the universe of tradable government securities on NSE’s Capital Market segment.

Compliance Requirements

  • Trading members must use only the designated security codes for trading these instruments
  • All trades must be executed in the specified lot size of 100 units
  • Securities to be identified by their symbols (e.g., 738HR41, 364D291026) on the trading system

Important Dates

  • Circular Date: October 29, 2025
  • Effective Date: October 31, 2025
  • T-Bill Maturities: January 29, 2026 (91D), April 30, 2026 (182D), October 29, 2026 (364D)
  • SDL Maturities: Range from October 29, 2031 to October 29, 2047

Impact Assessment

This listing provides debt market participants with additional government securities trading options on NSE’s Capital Market segment. The addition of short-term T-Bills (91-day, 182-day, 364-day) offers liquidity management tools for institutional investors. The 12 State Development Loans with yields between 6.99% and 7.49% and long maturities (2031-2047) cater to institutional investors seeking longer-duration fixed-income investments. The impact is primarily relevant to debt market participants, banks, financial institutions, and fixed-income portfolio managers rather than retail equity investors.

State Development Loans Details

Haryana (4 SDLs):

  • 7.38% 2041, 7.10% 2033, 7.29% 2037, 7.35% 2039

Madhya Pradesh (2 SDLs):

  • 7.40% 2046, 7.40% 2047

Other States:

  • Goa: 7.28% 2037
  • Jammu & Kashmir: 7.41% 2042
  • Punjab: 7.49% 2040
  • Himachal Pradesh: 6.99% 2031
  • Sikkim: 7.23% 2035
  • Uttar Pradesh: 7.35% 2039

Impact Justification

Standard listing of government securities for institutional and debt market participants. Expands trading options for government debt instruments but has limited impact on equity investors.