Description
NSE notifies listing of 23 State Development Loans (SDLs) on the capital market segment effective January 02, 2026, with specified security codes and lot sizes.
Summary
NSE has admitted 23 State Development Loans (SDLs) for trading on the capital market segment effective January 02, 2026. The circular provides designated security codes, lot sizes, coupon rates, maturity dates, and ISIN codes for these government securities issued by various Indian states.
Key Points
- 23 State Development Loans from 14 different states listed on capital market segment
- Effective date: January 02, 2026
- Standard lot size of 100 for all SDLs
- All securities classified under ‘SG’ (Sovereign Guarantee) series
- Coupon rates range from 6.86% to 7.58%
- Maturity dates span from December 2029 to December 2046
- States include: Madhya Pradesh, Manipur, Karnataka, Haryana, Himachal Pradesh, West Bengal, Rajasthan, Andhra Pradesh, Tamil Nadu, Telangana, Kerala, Tripura, Bihar, and Assam
Regulatory Changes
This circular is issued pursuant to:
- Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A
- Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A
No changes to existing regulations; this is an implementation of existing listing framework.
Compliance Requirements
- Trading members must use designated security codes for identification on the trading system
- Trading must be conducted in specified lot sizes (100 units for all listed SDLs)
- Securities to be traded only through the designated codes provided in the annexure
Important Dates
- Circular Date: December 31, 2025
- Effective Date: January 02, 2026
- Maturity Dates: Range from December 31, 2029 to December 31, 2046 depending on specific SDL
Impact Assessment
Market Impact: Low - This is a routine listing of government securities that expands the debt market offerings. SDLs are primarily of interest to institutional investors, banks, and debt market participants rather than retail equity investors.
Operational Impact: Minimal - Standard listing procedure with uniform lot sizes and clear security codes. No special operational changes required for trading members.
Investor Impact: Provides additional investment options for debt market participants seeking state government securities with varying maturities and coupon rates across different states.
Impact Justification
Routine administrative circular for listing of government securities with no impact on equity markets or trading operations for most market participants