Description

NSE notifies the listing of privately placed commercial papers and debt securities from Kotak Securities, IIFL Finance, L&T Finance, Astec LifeSciences, and TVS Credit Services on the debt market segment effective January 01, 2026.

Summary

NSE has admitted privately placed debt securities to trading on its Debt Market Segment effective January 01, 2026. The circular lists fresh issuances of commercial papers from Kotak Securities Limited, Astec LifeSciences Limited, TVS Credit Services Limited, and debt securities from IIFL Finance Limited and L&T Finance Limited. Additionally, a re-issuance of commercial paper from ICICI Securities Limited is included.

Key Points

  • Fresh commercial paper issuances totaling ₹6,000 crores (12,000 units) from four companies
  • Fresh debt securities issuances totaling ₹801 crores from IIFL Finance and L&T Finance
  • One re-issuance of commercial paper from ICICI Securities
  • All securities admitted to trading effective January 01, 2026
  • Issuances include short-term commercial papers (15-120 days) and long-term debt (7-10 years)
  • IIFL Finance issued perpetual debt with call option in 2035

Fresh Issuances - Commercial Paper

Kotak Securities Limited (KSL CP 25/03/26 Sr 242)

  • ISIN: INE028E14UG3
  • Quantity: 2,500 units
  • Face Value: ₹5,00,000
  • Issue Price: ₹4,92,653
  • Allotment Date: December 31, 2025
  • Redemption Date: March 25, 2026
  • Tenure: ~84 days

Astec LifeSciences Limited (ALSL CP 30/01/26 Sr 191)

  • ISIN: INE563J14DJ8
  • Quantity: 500 units
  • Face Value: ₹5,00,000
  • Issue Price: ₹4,97,099
  • Allotment Date: December 31, 2025
  • Redemption Date: January 30, 2026
  • Tenure: 30 days

TVS Credit Services Limited (TCSL CP 30/04/26)

  • ISIN: INE729N14IN8
  • Quantity: 4,000 units
  • Face Value: ₹5,00,000
  • Issue Price: ₹4,89,381
  • Allotment Date: December 31, 2025
  • Redemption Date: April 30, 2026
  • Tenure: 120 days

Kotak Securities Limited (KSL CP 16/01/26 Sr 244)

  • ISIN: INE028E14UH1
  • Quantity: 5,000 units
  • Face Value: ₹5,00,000
  • Issue Price: ₹4,98,719
  • Allotment Date: January 01, 2026
  • Redemption Date: January 16, 2026
  • Tenure: 15 days

Fresh Issuances - Other Debt Securities

IIFL Finance Limited (IIFL 9.90% Perpetual Sr PDI 2)

  • ISIN: INE530B08243
  • Security Type: Perpetual Debt (DP)
  • Quantity: 100 units
  • Face Value: ₹1,00,00,000
  • Issue Price: ₹1,00,00,000
  • Allotment Date: December 30, 2025
  • Redemption Date: Perpetual (no fixed redemption)
  • Call Option Date: December 30, 2035
  • Coupon Rate: 9.90%

L&T Finance Limited (LTFL 7.75% 2035 Sr J)

  • ISIN: INE498L08051
  • Security Type: Debt Bond (DB)
  • Quantity: 50 units
  • Face Value: ₹1,00,00,000
  • Issue Price: ₹1,00,00,000
  • Allotment Date: December 31, 2025
  • Redemption Date: December 31, 2035
  • Coupon Rate: 7.75%
  • Tenure: 10 years

IIFL Finance Limited (IIFL 9.25% 2032 Sr 35)

  • ISIN: INE530B08227
  • Security Type: Debt Bond (DB)
  • Quantity: 30,000 units
  • Face Value: ₹1,00,000
  • Issue Price: ₹1,00,000
  • Allotment Date: December 30, 2025
  • Redemption Date: December 30, 2032
  • Coupon Rate: 9.25%
  • Tenure: 7 years

IIFL Finance Limited (IIFL 9.30% 2035 Sr 35)

  • ISIN: INE530B08235
  • Security Type: Debt Bond (DB)
  • Quantity: 40,000 units
  • Face Value: ₹1,00,000
  • Issue Price: ₹1,00,000
  • Allotment Date: December 30, 2025
  • Redemption Date: December 30, 2035
  • Coupon Rate: 9.30%
  • Tenure: 10 years

Re-Issuances - Commercial Paper

ICICI Securities Limited (ISEC CP 25/03/26)

  • ISIN: INE763G14A97
  • Security Type: Commercial Paper (CP)
  • Redemption Date: March 25, 2026
  • Note: Partial information provided for re-issuance

Regulatory Framework

The listing is conducted pursuant to Regulation 3.1.1 of the National Stock Exchange Debt Market (Trading) Regulations. Each security has been assigned designated security codes for trading on the debt market segment.

Important Dates

  • Effective Listing Date: January 01, 2026
  • Allotment Dates: December 30, 2025 - January 01, 2026
  • Nearest Redemption: January 16, 2026 (Kotak Securities CP Sr 244)
  • Farthest Redemption: December 31, 2035 (L&T Finance)
  • Perpetual Security: IIFL Finance 9.90% with call option on December 30, 2035

Impact Assessment

This is a routine listing notification with minimal market impact. The circular provides transparency to market participants about newly available debt instruments for trading. The variety of tenures (15 days to 10 years) and coupon rates (7.75% to 9.90%) offers investors multiple options for fixed-income allocation. The listing enables secondary market trading of these privately placed securities on NSE’s debt platform.

Impact Justification

Routine administrative notification of privately placed debt instruments listing on NSE debt segment. Standard procedure with no market-wide regulatory changes or investor action required.