Description

NSE Clearing Limited issues the revised list of approved GOI securities, corporate bonds, and empaneled banks for collateral purposes in the Debt Segment, effective March 2026.

Summary

NSE Clearing Limited (NCL) has issued Circular Ref. No. 004/2026 (Download Ref No: NCL/DS/72929) on February 20, 2026, providing the revised list of approved securities and empaneled banks for the Debt Segment. This supersedes circular 003/2026 (NCL/DS/72435) dated January 21, 2026. The revised lists are effective for the month of March 2026.

Key Points

  • Annexure 1: Updated list of GOI Securities (G-Sec) / T-Bills and Sovereign Gold Bonds (SGBs) accepted as cash component of liquid assets, along with applicable haircut rates. All SGB/G-Sec/T-Bills issued by RBI during the month are accepted from the date of issue.
  • Annexure 2: Updated list of Corporate Bonds accepted as non-cash component of liquid assets, with market-wide applicable limits and haircut rates.
  • Annexure 3: Updated list of banks empaneled for issuance of Bank Guarantees (BGs) and Fixed Deposit Receipts (FDRs).
  • All listed Sovereign Gold Bonds carry a uniform haircut rate of 10% (0.10).
  • G-Sec/T-Bills have a shut period of two days; members must release these instruments at least two days before maturity.
  • Member-banks must ensure that G-Sec provided as collateral are not reckoned for SLR purposes and are not used for trading.

Regulatory Changes

No new regulatory framework is introduced. This is a periodic revision to the approved collateral list in line with ongoing debt segment operations. The update reflects changes in eligible securities and empaneled bank details for March 2026.

Compliance Requirements

  • All Members, Custodians, and PCMs (Primary Clearing Members) in the Debt Segment must update their collateral management systems to reflect the revised Annexure 1, 2, and 3 lists effective March 2026.
  • Members holding G-Sec/T-Bills as collateral must plan releases at least two business days before maturity to respect the shut period.
  • Members who are also banks must segregate G-Sec pledged as collateral and ensure these are excluded from SLR calculations and are not traded.
  • Contact for queries: collaterals_ops@nsccl.co.in | IVR: 1800 266 0050 (option 2).

Important Dates

  • Circular Date: February 20, 2026
  • Effective Period: March 2026
  • Supersedes: Circular 003/2026 dated January 21, 2026 (NCL/DS/72435)

Impact Assessment

This is a routine monthly operational update with medium operational impact for Debt Segment participants. Members must review the updated annexures to ensure their collateral portfolio remains compliant. The consistent 10% haircut on all Sovereign Gold Bonds and the two-day shut period rule for G-Sec/T-Bills are unchanged. Failure to comply with the revised approved list could result in collateral shortfalls or margin obligations not being met. No broad market or price impact is expected.

Impact Justification

Routine monthly update to approved collateral securities list; operationally significant for debt segment members managing collateral but does not signal any regulatory change or market disruption.