Description
NSE suspends trading in Non-Convertible Debentures of Muthoot Finance Limited and IDFC First Bank Limited effective November 4, 2025 due to redemption.
Summary
National Stock Exchange of India Limited has announced the suspension of trading in three series of Non-Convertible Debentures (Privately Placed) effective November 4, 2025. The suspension affects NCDs issued by Muthoot Finance Limited (one series) and IDFC First Bank Limited (two series). The suspensions are implemented in pursuance of Regulation 3.1.2 of the National Stock Exchange Debt Market (Trading) Regulations Part A, with redemption being the reason for all three suspensions.
Key Points
- Three NCD series will be suspended from trading effective November 4, 2025
- Muthoot Finance Limited: ISIN INE414G07GT6
- IDFC First Bank Limited: ISIN INE092T08592
- IDFC First Bank Limited: ISIN INE688I08103
- All suspensions are due to redemption of the respective NCDs
- Action taken under NSE Debt Market (Trading) Regulations Part A, Regulation 3.1.2
- Circular reference number: 2127/2025
- NSE reference number: NSE/CML/71095
Regulatory Changes
No regulatory changes announced. This circular implements existing regulations regarding suspension of trading in debt securities upon redemption.
Compliance Requirements
- Trading members must cease all trading activities in the specified ISIN codes from the suspension date
- Members should update their systems to reflect the suspension status of these NCDs
- Issuers must proceed with redemption of the respective NCD series as per their terms of issuance
Important Dates
- Circular Date: November 3, 2025
- Suspension Effective Date: November 4, 2025 (for all three NCD series)
- Applicable From: November 4, 2025
Impact Assessment
Market Impact: Medium - The suspension affects three debt securities from two major financial institutions. However, this is a routine corporate action related to scheduled redemptions rather than any adverse event.
Investor Impact: Medium - Holders of these specific NCDs will no longer be able to trade them on the exchange after November 4, 2025. Investors should expect redemption proceeds as per the terms of their respective NCD holdings.
Operational Impact: Low - Standard suspension process for debt securities reaching maturity. Trading systems need minor updates to block trading in these ISINs.
Sector Impact: Negligible - Routine debt market operations with no broader implications for the debt market or the financial sector.
Impact Justification
Routine suspension due to redemption of NCDs. Affects debt securities holders but is a normal corporate action with limited broader market impact.