Description
NSE notifies listing of 20 State Development Loans and 3 Treasury Bills for trading on the capital market segment effective November 28, 2025.
Summary
National Stock Exchange notifies the listing of 23 government debt securities on the capital market segment effective November 28, 2025. The circular introduces 20 State Development Loans (SDLs) from various states and 3 Government of India Treasury Bills for trading. All securities will have a standard lot size of 100 units and will be identified by designated security codes on the trading system.
Key Points
- 20 State Development Loans (SDLs) from multiple states admitted to trading
- 3 Government of India Treasury Bills listed (91-day, 182-day, and 364-day maturity)
- Standard lot size of 100 units applicable for all securities
- Securities from states include Gujarat, Telangana, Bihar, Punjab, Kerala, Haryana, West Bengal, Uttarakhand, Rajasthan, Jammu & Kashmir, Tamil Nadu, Chhattisgarh, Sikkim, and Manipur
- Coupon rates range from 6.56% to 7.51% for SDLs
- Maturity dates for SDLs range from 2029 to 2055
- Trading permitted as per NSE Capital Market Trading Regulations Part A
Regulatory Changes
No regulatory changes introduced. This is a routine notification under existing regulations:
- Regulation 3.1.1 of NSE (Capital Market) Trading Regulations Part A for security admission
- Regulation 2.5.5 of NSE (Capital Market) Trading Regulations Part A for lot size specification
Compliance Requirements
- All members must note the designated security codes for the listed securities
- Trading must be conducted in the specified lot sizes of 100 units
- Securities to be identified only by designated codes on the trading system
- Members must ensure compliance with applicable NSE Capital Market Trading Regulations
Important Dates
- Circular Issue Date: November 26, 2025
- Effective Date: November 28, 2025
- Treasury Bill Maturities:
- 91-day T-bill: February 26, 2026
- 182-day T-bill: May 28, 2026
- 364-day T-bill: November 26, 2026
- SDL Maturities: Range from November 26, 2029 to November 26, 2055
Impact Assessment
Market Impact: Minimal. This is a routine listing of government debt securities that expands investment options for debt market participants.
Operational Impact: Low. Standard listing process with uniform lot sizes across all securities simplifies trading operations.
Investor Impact: Positive for debt investors seeking government-backed securities with varying maturity profiles and coupon rates. Provides diversification across multiple state governments and central government instruments.
Liquidity Impact: Expected to enhance liquidity in the government securities market by making these instruments available on the capital market segment.
Securities Details
State Development Loans (20):
- Gujarat (2): 7.07% 2033, 6.98% 2032
- Telangana (4): 7.34% 2038, 7.45% 2048, 7.45% 2053, 7.46% 2042
- Bihar (1): 7.46% 2045
- Punjab (1): 7.29% 2033
- Kerala (1): 7.45% 2050
- Haryana (1): 7.41% 2040
- West Bengal (1): 7.48% 2044
- Uttarakhand (1): 7.06% 2032
- Rajasthan (2): 7.24% 2036, 6.56% 2029
- Jammu & Kashmir (1): 7.51% 2040
- Tamil Nadu (2): 7.44% 2055, 7.14% 2034
- Chhattisgarh (1): 7.19% 2035
- Sikkim (1): 7.21% 2035
- Manipur (1): 7.31% 2037
Treasury Bills (3):
- 91-day maturity: February 26, 2026
- 182-day maturity: May 28, 2026
- 364-day maturity: November 26, 2026
Impact Justification
Routine listing of government debt securities with no impact on equity markets or market participants beyond providing additional investment options