Description

NSE lists 23 State Development Loans (SDLs) and 3 Treasury Bills (T-bills) for trading on the capital market segment effective December 29, 2025.

Summary

NSE has admitted 26 government debt securities for trading on the capital market segment effective December 29, 2025. This includes 23 State Development Loans (SDLs) from various states and 3 Treasury Bills (T-bills) issued by the Government of India. All securities will trade in lot sizes of 100 units.

Key Points

  • 23 State Development Loans (SDLs) from 11 states listed for trading
  • 3 Treasury Bills (T-bills) with varying maturities listed
  • Effective date: December 29, 2025
  • All securities designated to SG (for SDLs) and TB (for T-bills) market segments
  • Uniform lot size of 100 units for all securities
  • SDL coupon rates range from 7.07% to 7.65%
  • SDL maturity dates range from 2030 to 2053

State Development Loans Details

States Covered:

  • Bihar (BR): 1 SDL
  • Telangana (TS): 3 SDLs
  • West Bengal (WB): 3 SDLs
  • Odisha (OR): 2 SDLs
  • Gujarat (GJ): 2 SDLs
  • Rajasthan (RJ): 2 SDLs
  • Jammu & Kashmir (JK): 1 SDL
  • Uttarakhand (UK): 1 SDL
  • Karnataka (KA): 3 SDLs
  • Kerala (KL): 1 SDL
  • Tamil Nadu (TN): 2 SDLs
  • Uttar Pradesh (UP): 1 SDL

Coupon Rate Range: 7.07% to 7.65%

Maturity Range: December 24, 2030 to December 24, 2053

Treasury Bills Details

  1. 91-Day T-bill: Maturity March 27, 2026 (ISIN: IN002025X398)
  2. 182-Day T-bill: Maturity June 26, 2026 (ISIN: IN002025Y396)
  3. 364-Day T-bill: Maturity December 25, 2026 (ISIN: IN002025Z393)

Regulatory Changes

No regulatory changes introduced. This circular is issued 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

Compliance Requirements

  • Trading members must use designated security codes for identification on the trading system
  • All trades must be executed in the specified lot size of 100 units
  • Securities will be identified only by their designated codes on the trading platform

Important Dates

  • Circular Date: December 24, 2025
  • Effective Date: December 29, 2025
  • Trading Commencement: December 29, 2025

Impact Assessment

Market Impact: Low - This is a routine operational circular for listing government debt securities. It expands the universe of debt instruments available for trading on NSE’s capital market segment.

Investor Impact: Provides additional investment options in government-backed securities with varying tenures and coupon rates for debt market participants.

Operational Impact: Minimal - Trading members need to update their systems with the new security codes and ISIN numbers before the effective date.

Impact Justification

Routine listing of government debt securities (SDLs and T-bills) with no direct impact on equity markets or trading members' operations