Description
NSE lists 15 State Development Loans and 3 Treasury Bills for trading on capital market segment effective December 19, 2025.
Summary
NSE has admitted 15 State Development Loans (SDLs) and 3 Treasury Bills (T-bills) for trading on the capital market segment effective December 19, 2025. The securities include SDLs from various states with coupon rates ranging from 6.77% to 7.61% and maturity dates between 2029 and 2055, along with three T-bills with tenors of 91, 182, and 364 days maturing in 2026.
Key Points
- 15 State Development Loans from states including Puducherry, Nagaland, Tamil Nadu, West Bengal, Gujarat, Goa, Assam, Chhattisgarh, and Uttar Pradesh
- Coupon rates range from 6.77% to 7.61%
- Maturity periods span from 2029 to 2055 for SDLs
- 3 Treasury Bills with 91-day, 182-day, and 364-day tenors
- T-bills maturing on March 19, 2026, June 18, 2026, and December 17, 2026
- All securities have a lot size of 100 units
- Trading effective from December 19, 2025
- Securities issued pursuant to NSE Capital Market Trading Regulations Part A, Regulation 3.1.1
Regulatory Changes
No regulatory changes introduced. This circular implements existing listing regulations for government securities on the capital market segment.
Compliance Requirements
- Trading members must use designated security codes for identification on the trading system
- Trading shall be conducted in lot sizes of 100 units as specified for all listed securities
- Members must comply with NSE Capital Market Trading Regulations Part A, Regulation 2.5.5 regarding lot sizes
Important Dates
- Circular Date: December 17, 2025
- Trading Commencement: December 19, 2025
- T-bill Maturities:
- 91-day T-bill: March 19, 2026
- 182-day T-bill: June 18, 2026
- 364-day T-bill: December 17, 2026
- SDL Maturities: Range from December 17, 2029 to December 17, 2055
Impact Assessment
This is a routine operational circular for listing government securities. Impact is minimal and limited to:
- Market Impact: Provides additional investment options for institutional investors and banks in government securities
- Liquidity: May marginally enhance liquidity in the government securities market
- Investor Impact: Relevant primarily for institutional investors, banks, and entities dealing in government debt securities; no impact on retail equity investors
- Operational Impact: Trading members need to update their systems with new security codes and ISIN numbers for the 18 listed securities
Impact Justification
Routine listing of government securities (SDLs and T-bills) for institutional trading; no impact on equity markets or general investors