Description

NSE admits 9 commercial papers and 1 debt security from companies including MMFSL, Godrej Industries, Aditya Birla Capital, IIFL Finance, Tata Capital, Motilal Oswal, 5Paisa, DCM Shriram, Angel One, and NABARD to the Debt Market Segment effective February 20, 2026.

Summary

NSE has admitted 9 freshly issued commercial papers (CPs) and at least 1 other debt security to dealings on its Debt Market Segment effective February 20, 2026, pursuant to Regulation 3.1.1 of the National Stock Exchange Debt Market (Trading) Regulations. The issuers span financial services, NBFCs, and agri-finance sectors, with maturities ranging from approximately 35 days to 12 months.

Key Points

  • 9 commercial papers from 9 different issuers admitted to NSE Debt Market Segment effective February 20, 2026.
  • All CPs have a face value of ₹5,00,000 per unit and were allotted on February 18, 2026 (except Angel One’s CP allotted February 20, 2026).
  • Issue prices range from ₹4,61,577.50 (Angel One, 12-month tenor) to ₹4,96,852 (DCM Shriram, ~37-day tenor), reflecting varying discount rates and tenors.
  • Total CP issuance: 53,500 units across 9 issuers, representing approximately ₹2,675 crore at face value.
  • NABARD debt security (7.01% 2029, Series 26D, ISIN INE261F08ES8) also listed; full details truncated in source.
  • Circular issued by Department of Listing, NSE; signed by Chief Manager Priya Iyer.

Regulatory Changes

No new regulatory changes introduced. This circular is a routine notification under the existing framework of Regulation 3.1.1 of the National Stock Exchange Debt Market (Trading) Regulations, notifying admission of new securities to dealings.

Compliance Requirements

  • No new compliance requirements for members or listed companies.
  • Exchange members dealing in debt instruments should update their systems with the newly assigned security codes and ISINs listed in the Annexure.
  • Members should note the respective ISINs for settlement and trading purposes.

Important Dates

  • February 18, 2026: Date of allotment for 8 of the 9 CPs (MMFSL, Godrej Industries, ABCL, IIFL Finance, Tata Capital, Motilal Oswal, 5Paisa Capital, DCM Shriram).
  • February 20, 2026: Date of allotment for Angel One CP; effective date of admission to dealings for all listed securities.
  • March 27, 2026: Redemption date — DCM Shriram CP (INE499A14DE5).
  • April 27, 2026: Redemption date — 5Paisa Capital CP (INE618L14201).
  • May 20, 2026: Redemption date — Godrej Industries CP (INE233A147C6) and IIFL Finance CP (INE530B14FZ5).
  • May 22, 2026: Redemption date — Aditya Birla Capital CP (INE674K14BT4).
  • February 18, 2027: Redemption date — MMFSL CP (INE774D14TL6), Tata Capital CP (INE976I14QW9), Motilal Oswal CP (INE338I14MC3), Angel One CP (INE732I14CZ9).
  • 2029: Redemption — NABARD 7.01% 2029 bond (INE261F08ES8).

Impact Assessment

Market Impact — Low. This is a routine listing notification with no market-moving implications for equity investors. The commercial papers are privately placed instruments targeted at institutional and sophisticated investors in the debt market segment.

Issuer Highlights:

  • IIFL Finance has the largest CP issuance by quantity (17,000 units; ~₹850 crore face value).
  • MMFSL issued 15,000 units (~₹750 crore face value) with a 12-month tenor.
  • Angel One CP carries the highest implied discount (issue price ₹4,61,577.50 vs ₹5,00,000 face value, ~8.3% annualised yield).
  • NABARD’s bond listing (7.01% coupon, 2029 maturity) is of interest to long-duration debt investors.

Operational Impact — Low. Debt market members need to onboard the new ISINs; no system-wide changes required.

Impact Justification

Routine administrative listing of privately placed commercial papers and debt securities on NSE's debt market segment. No regulatory changes or compliance obligations for equity market participants; relevant only to debt market traders and institutional investors holding these instruments.