Description
NSE notifies listing of 26 State Development Loans and 3 Treasury Bills on capital market segment effective December 05, 2025.
Summary
NSE has admitted 26 State Development Loans (SDLs) and 3 Treasury Bills (T-bills) for trading on the capital market segment effective December 05, 2025. The securities will trade with designated codes and standard lot sizes of 100 units. The SDLs include debt instruments from various Indian states with coupon rates ranging from 6.75% to 7.68% and maturity dates between 2029 and 2055. The T-bills include 91-day, 182-day, and 364-day instruments maturing in 2026.
Key Points
- 26 State Development Loans from 12 Indian states admitted for trading
- 3 Treasury Bills (91-day, 182-day, 364-day tenors) listed
- All securities trade with standard lot size of 100 units
- Trading classification: SG (Sovereign Guarantee) for SDLs, TB for T-bills
- Securities identified by designated codes on trading system
- Effective date: December 05, 2025
State Development Loans Details
States Covered: Tamil Nadu (TN), Maharashtra (MH), West Bengal (WB), Telangana (TS), Meghalaya (ML), Punjab (PN), Madhya Pradesh (MP), Bihar (BR), Rajasthan (RJ), Himachal Pradesh (HP), Gujarat (GJ), Andhra Pradesh (AP), Uttar Pradesh (UP)
Coupon Rate Range: 6.75% to 7.68%
Maturity Range: December 2029 to December 2055
Notable Securities:
- Longest maturity: SDL TN 7.52% 2055 (30-year tenor)
- Highest coupon: SDL TS 7.68% 2044 (7.68%)
- Shortest maturity: SDL HP 6.75% 2029 (4-year tenor)
Treasury Bills Details
- 91D050326: GOI TBILL 91D-05/03/26 (Maturity: March 05, 2026) - ISIN: IN002025X364
- 182D040626: GOI TBILL 182D-04/06/26 (Maturity: June 04, 2026) - ISIN: IN002025Y362
- 364D031226: GOI TBILL 364D-03/12/26 (Maturity: December 03, 2026) - ISIN: IN002025Z369
Regulatory Changes
This listing is pursuant to:
- Regulation 3.1.1 of NSE (Capital Market) Trading Regulations Part A - admission of securities to dealings
- Regulation 2.5.5 of NSE (Capital Market) Trading Regulations Part A - specification of lot sizes
No new regulatory framework introduced; routine expansion of tradeable government securities universe.
Compliance Requirements
- Trading Members: Must use designated security codes for order placement and execution
- Lot Size Compliance: All trades must be in multiples of 100 units as specified
- Market Segment: Trading restricted to capital market segment only
- System Configuration: Update trading systems to recognize new security codes before December 05, 2025
Important Dates
- Circular Date: December 03, 2025
- Effective Date: December 05, 2025 (trading commencement)
- T-bill Maturities: March 2026, June 2026, December 2026
- SDL Maturity Range: December 2029 to December 2055
Impact Assessment
Market Impact:
- Expands tradeable government securities universe on NSE
- Provides additional investment options for institutional investors, banks, and debt funds
- Enhances liquidity in state government debt market
- Offers yield curve diversification across multiple state issuers
Operational Impact:
- Trading members need to update systems with new security codes
- Market data vendors must incorporate new instrument master data
- Risk management systems require updates for new ISIN codes
Investor Impact:
- Medium-term to long-term investment opportunities in state debt (4-30 year tenors)
- Short-term T-bill options for treasury management (3-12 months)
- State-specific credit exposure options across 12 Indian states
- Coupon rates attractive relative to current interest rate environment (6.75%-7.68%)
Risk Considerations:
- State credit risk varies by issuer state’s fiscal health
- Interest rate risk significant for longer-dated SDLs (up to 30 years)
- Market liquidity may vary by security and state issuer
Impact Justification
Routine listing of government securities enabling trading in T-bills and SDLs; impacts debt market participants and institutional investors but not retail equity traders