Description
NSE notifies admission of 36 State Development Loans (SDLs) from various Indian states to dealings on the Capital Market segment with effect from March 30, 2026, with a lot size of 100 each.
Summary
NSE has notified the admission of 36 State Development Loans (SDLs) to dealings on the Capital Market segment effective March 30, 2026, pursuant to Regulation 3.1.1 of the NSE Capital Market Trading Regulations Part A. All securities carry a uniform lot size of 100 units. The SDLs span multiple Indian states and union territories including Karnataka, Maharashtra, Goa, Andhra Pradesh, Rajasthan, Tamil Nadu, Uttarakhand, Nagaland, Kerala, Meghalaya, West Bengal, Gujarat, Haryana, Uttar Pradesh, Himachal Pradesh, Puducherry, Sikkim, Punjab, Manipur, and Jammu & Kashmir.
Key Points
- 36 SDL instruments from various Indian states admitted for trading on NSE Capital Market segment
- Effective date: March 30, 2026
- All securities carry a uniform lot size of 100
- Coupon rates range from 7.24% to 7.89%
- Maturity dates range from 2031 to 2051
- Securities are identified only by their designated codes for trading purposes
- Series: SG (State Government) for all instruments
- Each SDL has a unique ISIN code assigned
Regulatory Changes
Admission is pursuant to Regulation 3.1.1 of the National Stock Exchange (Capital Market) Trading Regulations Part A. Lot sizes are governed by Regulation 2.5.5 of the same regulations. No new regulatory changes are introduced; this is a standard listing notification.
Compliance Requirements
- All members must use the designated security codes (symbols) for trading these SDL instruments
- Trading must be conducted only in the specified lot size of 100 units
- Members should update their systems with the new symbols, ISIN codes, and trading parameters ahead of March 30, 2026
Important Dates
- Circular Date: March 25, 2026
- Effective Date for Trading: March 30, 2026
- Maturity Range: March 2031 (earliest) to March 2051 (latest)
Impact Assessment
This circular expands the tradeable debt instruments on NSE’s capital market segment with 36 new SDLs. The addition provides debt market participants — including institutional investors, mutual funds, and insurance companies — with increased options for trading state government securities. Coupon rates between 7.24% and 7.89% make these instruments relevant in the current interest rate environment. The impact is primarily on bond/debt market desks rather than equity market participants. No disruption to existing trading operations is anticipated.
Impact Justification
Routine listing of 36 new SDL instruments on NSE capital market segment; relevant to debt market participants and institutional investors trading government securities, but low operational disruption.