Description

NSE notifies the listing of 10 State Development Loans (SDLs) from various states and 3 Treasury Bills (T-bills) on the capital market segment effective January 23, 2026.

Summary

NSE has notified the listing of 10 State Development Loans (SDLs) and 3 Treasury Bills (T-bills) on the capital market segment effective January 23, 2026. The circular specifies the security codes, lot sizes, coupon rates, maturity dates, and ISIN codes for each instrument. All securities will trade with a uniform lot size of 100 units in the SG (Government Securities) and TB (Treasury Bill) market segments.

Key Points

  • 10 State Development Loans (SDLs) from Karnataka, Tamil Nadu, Odisha, Jammu & Kashmir, Assam, and Uttarakhand are being listed
  • 3 Treasury Bills with tenors of 91 days, 182 days, and 364 days are being listed
  • All securities will have a uniform lot size of 100 units
  • SDL coupon rates range from 7.21% to 7.62%
  • Maturity dates for SDLs range from 2032 to 2056
  • T-bills mature in 2026 (91D and 182D) and 2027 (364D)
  • Trading will commence on January 23, 2026
  • Securities will be identified only by their designated codes on the trading system

Regulatory Changes

No regulatory changes. This is a routine listing notification pursuant to Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A.

Compliance Requirements

  • Trading members must use only the designated security codes specified in the annexure for trading these securities
  • Lot sizes as specified (100 units for all securities) must be adhered to
  • Securities are categorized under SG (State Government) market for SDLs and TB market for Treasury Bills

Important Dates

  • Circular Date: January 21, 2026
  • Effective Date: January 23, 2026
  • T-bill Maturities:
    • 91D T-bill: April 23, 2026
    • 182D T-bill: July 23, 2026
    • 364D T-bill: January 21, 2027
  • SDL Maturities: Range from January 21, 2032 to January 21, 2056

Impact Assessment

Market Impact: Minimal impact on equity markets. This is a routine listing of government securities that expands the debt instrument universe available for trading on NSE’s capital market segment.

Operational Impact: Trading members dealing in government securities will have access to additional SDL and T-bill instruments. The uniform lot size of 100 units simplifies trading operations.

Investor Impact: Fixed-income investors and institutional participants will have additional government-backed debt instruments with varying maturities (short-term T-bills and long-term SDLs) to choose from for portfolio allocation and yield optimization.

Details of Listed Securities

State Development Loans (SDLs):

  1. Karnataka SDL 7.54% 2037 (Maturity: July 21, 2037)
  2. Tamil Nadu SDL 7.31% 2033 (Maturity: January 21, 2033)
  3. Karnataka SDL 7.32% 2033 (Maturity: July 21, 2033)
  4. Tamil Nadu SDL 7.58% 2056 (Maturity: January 21, 2056)
  5. Odisha SDL 7.49% 2036 (Maturity: January 21, 2036)
  6. Tamil Nadu SDL 7.21% 2032 (Maturity: January 21, 2032)
  7. Odisha SDL 7.59% 2046 (Maturity: January 21, 2046)
  8. Jammu & Kashmir SDL 7.62% 2041 (Maturity: January 21, 2041)
  9. Assam SDL 7.62% 2046 (Maturity: January 21, 2046)
  10. Uttarakhand SDL 7.51% 2035 (Maturity: January 21, 2035)

Treasury Bills (T-bills):

  1. GOI T-bill 91D (Maturity: April 23, 2026)
  2. GOI T-bill 182D (Maturity: July 23, 2026)
  3. GOI T-bill 364D (Maturity: January 21, 2027)

Impact Justification

Routine administrative circular for listing government securities (SDLs and T-bills) on capital market segment. No impact on equity stocks or trading operations for most market participants.