Description

NSE releases revised list of privately issued corporate bonds made eligible for DVP-3 settlement on the institutional platform of the Debt Segment, covering instruments from major issuers including HDFC Bank, IRFC, REC, ICICI Bank, and others.

Summary

NSE has issued a revised list of privately placed corporate bonds eligible for DVP-3 (Delivery versus Payment - 3) settlement on the institutional platform of the Debt Segment. The list covers bonds from major issuers including HDFC Bank, IRFC, REC Limited, ICICI Bank, Hindustan Petroleum Corporation Limited (HPCL), Grasim Industries, Aseem Infrastructure Finance, NABARD (NABF), and L&T (LT), spanning maturities from 2025 through 2044.

Key Points

  • Revised list updates the set of privately issued corporate bonds eligible for DVP-3 settlement on NSE’s institutional debt platform
  • Instruments include bonds from HDFC Bank (multiple series: HDBK27, HDBK28, HDBK29, HDBK32, HDBK33), IRFC (IRFC28, IRFC29, IRFC31, IRFC34, IRFC34A, IRFCL34, IRFCL39, IRFC38), REC (RECL28, REC32, RECL33A, REC27, REC34), ICICI Bank (ICICI40), HPCL (HPCL28), Grasim (GRSM27), Aseem Infrastructure Finance (AIFL30, AIFL32), NABARD (NABF34, NABF44), and L&T (LT35)
  • Both IINGDB/IONGDB (INR-denominated government bond-type) and IINGPT/IONGPT (pass-through) instrument types are included
  • Issue maturities range from November 2025 to August 2044
  • Face value denominated in Indian Rupees; issued capital figures provided in Rs. Lakhs

Regulatory Changes

This circular updates the approved list of corporate bonds eligible for DVP-3 settlement on the institutional platform. DVP-3 settlement ensures simultaneous final transfer of securities and funds, reducing counterparty risk in institutional bond transactions. The revised list supersedes earlier eligible bond listings.

Compliance Requirements

  • Market participants and institutional investors must refer to this revised list when executing trades under DVP-3 settlement on NSE’s Debt Segment institutional platform
  • Clearing members and custodians should update their systems to reflect the revised eligible bond list
  • Trades in bonds not on this list cannot be settled under DVP-3 on the institutional platform

Important Dates

  • Circular Date: March 13, 2026
  • Bond maturities span: November 2025 (earliest) to August 2044 (latest)
  • Notable near-term maturity: AIFL32 (October 29, 2032), GRSM27 (June 10, 2027)

Impact Assessment

This update primarily affects institutional investors, bond traders, clearing members, and custodians participating in NSE’s debt market institutional platform. The inclusion of bonds from high-credit-quality issuers (IRFC, REC, HDFC Bank, ICICI Bank, HPCL, NABARD) under DVP-3 settlement enhances liquidity and settlement safety for these instruments. The revision is routine in nature and does not signal distress or adverse market conditions. Retail investors are not directly impacted as the institutional platform is restricted to qualified institutional participants.

Impact Justification

Operational update affecting institutional debt market participants trading in listed corporate bonds under DVP-3 settlement; impacts bond traders and institutional investors but does not signal major regulatory or market structural change.