Description
NSE announces listing of Commercial Paper and Non-Convertible Debentures from multiple companies including Alembic Pharmaceuticals, Godrej Properties, Tata Steel, Kotak Securities, and PNB Housing Finance on the debt market segment.
Summary
NSE has notified the listing of privately placed debt securities on its Debt Market Segment effective December 9, 2025. The circular covers fresh issues and re-issues of Commercial Paper (CP) from various companies with face values of ₹5,00,000 each, along with one Non-Convertible Debenture issue from PNB Housing Finance Limited. Total issuances include 7 fresh CP issues, 1 fresh NCD issue, and 2 re-issues of CP.
Key Points
- Fresh Commercial Paper Issues: 7 companies listed CPs with redemption dates ranging from December 31, 2025 to March 10, 2026
- Largest CP Issue: Tata Steel Limited issued 25,000 units (₹12,500 crore) with redemption on March 6, 2026
- Kotak Securities: Issued 9,500 CP units (₹4,750 crore) with March 10, 2026 redemption
- Blue Star: Short-term CP with 22-day tenure, redeeming December 31, 2025
- PNB Housing Finance: Issued 24,500 NCDs (₹2,450 crore) at 7.28% coupon rate with 2.5-year tenure (June 2028 redemption)
- Re-issues: Aditya Birla Capital (4,000 units) and Tata Steel CPs
- All securities admitted to dealings under NSE Debt Market Trading Regulations 3.1.1
Regulatory Changes
No regulatory changes introduced. This is a standard listing notification under existing NSE Debt Market (Trading) Regulations.
Compliance Requirements
No new compliance requirements. Market participants can trade these securities on the NSE Debt Market Segment using the designated security codes and ISINs provided in the annexure.
Important Dates
- Listing Date: December 9, 2025 (effective date for all securities)
- Allotment Dates: December 5, 2025 (PNB Housing Finance); December 8, 2025 (majority of CPs); December 9, 2025 (Kotak Securities, Blue Star)
- Redemption Dates Range: December 31, 2025 to June 5, 2028
- Nearest Redemption: Blue Star CP on December 31, 2025
- Longest Tenure: PNB Housing Finance NCD on June 5, 2028
Impact Assessment
Market Impact: Low - routine debt market listing activity. Provides additional short-term and medium-term debt instruments for institutional investors and debt market participants.
Operational Impact: Minimal - standard listing procedure. Trading members can transact in these securities through normal debt market operations.
Investor Impact: Relevant primarily for debt market investors, mutual funds, and institutions seeking commercial paper and debenture exposure to these corporate issuers. The PNB Housing Finance NCD offers a 7.28% fixed coupon rate for medium-term investors.
Liquidity: Fresh issuances totaling approximately ₹23,425 crore across all securities, contributing to debt market depth.
Impact Justification
Routine listing notification for debt securities. Affects debt market participants and institutional investors. No regulatory changes or compliance requirements for broader market participants.