Description
NSE lists 22 State Development Loans (SDLs) and 3 Treasury Bills (T-bills) on the capital market segment, effective January 30, 2026, with designated security codes and lot sizes.
Summary
NSE has listed 22 State Development Loans (SDLs) from various states and 3 Treasury Bills (T-bills) on the capital market segment with effect from December 19, 2025. The circular provides designated security codes, ISIN codes, coupon rates, maturity dates, and lot sizes for all securities. Trading in these securities will commence from January 30, 2026.
Key Points
- 22 SDLs from multiple states including Odisha, Karnataka, Rajasthan, Gujarat, Punjab, Kerala, West Bengal, Tamil Nadu, Andhra Pradesh, Bihar, Haryana, Telangana, Assam, and Uttarakhand
- 3 Treasury Bills with varying tenures: 91-day, 182-day, and 364-day
- All securities have a uniform lot size of 100
- SDL coupon rates range from 7.15% to 7.67%
- SDL maturity dates span from 2031 to 2050
- T-bills mature between April 2026 and January 2027
- Securities will be identified by designated codes for trading purposes
Regulatory Changes
This circular is issued pursuant to:
- Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A - regarding admission of securities to dealings
- Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A - regarding lot sizes
Compliance Requirements
- All members must use the designated security codes specified in the annexure for trading these securities
- Trading must be conducted in the specified lot sizes (100 units for all listed securities)
- Securities can only be identified by their designated codes on the trading system
Important Dates
- Circular Date: January 28, 2026
- Securities Admitted from: December 19, 2025
- Trading Commencement: January 30, 2026
- T-bill Maturities:
- 91D: April 30, 2026
- 182D: July 30, 2026
- 364D: January 28, 2027
- SDL Maturities: Range from January 28, 2031 to January 28, 2050
Impact Assessment
Market Impact: Low - This is a routine listing of government securities that expands the debt instruments available for trading on NSE’s capital market segment. It provides investors with additional investment options in government-backed securities.
Operational Impact: Minimal - Market participants can now trade these SDLs and T-bills through the capital market segment using the designated codes. The uniform lot size of 100 simplifies trading operations.
Investor Impact: Provides diversification opportunities in government securities across different states and tenures, with coupon rates between 7.15% and 7.67% for SDLs. T-bills offer short-term investment options with maturities under one year.
Impact Justification
Routine listing of government securities with no direct impact on equity trading or specific corporate entities