Description

NSE admits 26 State Development Loans (SDLs) and 3 Government Treasury Bills to trading on the Capital Market segment effective February 27, 2026, covering securities from 16 states with maturities ranging from 2026 to 2054.

Summary

NSE has notified the listing of 29 government debt securities on the Capital Market segment effective February 27, 2026, pursuant to Regulation 3.1.1 of the NSE Capital Market Trading Regulations Part A. The securities include 26 State Development Loans (SDLs) from 16 Indian states and 3 Government of India Treasury Bills (T-bills) with varying tenors. All securities carry a lot size of 100 units.

Key Points

  • 29 new securities admitted to dealings on NSE Capital Market segment from February 27, 2026
  • 26 SDLs covering 16 states: Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, and West Bengal
  • 3 GOI Treasury Bills: 91-day (maturity 28-May-2026), 182-day (maturity 27-Aug-2026), and 364-day (maturity 25-Feb-2027)
  • SDL coupon rates range from 6.54% (TN 2029) to 7.72% (KL 2045 and WB 2041)
  • SDL maturities range from 2029 to 2054
  • All securities identified by designated codes for trading purposes; lot size is 100 for all
  • Circular issued under authority of Bansri Gosalia, Senior Manager, NSE

Regulatory Changes

No new regulatory changes introduced. This circular operates under the existing framework of Regulation 3.1.1 (admission of securities to dealings) and Regulation 2.5.5 (lot sizes) of the National Stock Exchange (Capital Market) Trading Regulations Part A.

Compliance Requirements

  • All NSE members must use designated security codes when trading these instruments on the system
  • Trading must be conducted in lot sizes of 100 units as specified in the Annexure
  • Members dealing in government securities on the capital market segment should update their systems with the new ISINs and symbols before February 27, 2026

Important Dates

  • Circular Date: February 25, 2026
  • Effective Date: February 27, 2026 (securities admitted to dealings)
  • T-bill Maturities: May 28, 2026 (91D) | August 27, 2026 (182D) | February 25, 2027 (364D)
  • SDL Maturity Range: February 25, 2029 (SDL TN 6.54%) to February 25, 2054 (SDL BR 7.69%)

Impact Assessment

This is a routine debt market listing circular with moderate operational impact for fixed-income participants. Debt traders, bond dealers, and institutional investors active on NSE’s capital market segment should note the addition of 29 new tradable instruments. The SDL coupon rates (6.54%–7.72%) reflect current state government borrowing costs and provide investors with a range of state-issued fixed-income instruments across tenors. The three T-bills cater to short-term liquidity management needs. No impact on equity markets or equity trading members.

Impact Justification

Routine periodic listing of government debt instruments (SDLs and T-bills) on NSE capital market segment; operationally significant for debt market participants and bond traders but has no direct impact on equity markets or broader compliance obligations.