Description

NSE revises the list of privately issued corporate bonds eligible (flagged 'a') and ineligible (flagged 'd') under DVP-3 settlement on the Institutional Platform of the Debt Segment, effective April 15, 2026.

Summary

NSE has revised the list of privately issued corporate bonds eligible under DVP-3 (Delivery versus Payment - 3) settlement on the Institutional Platform of the Debt Segment. Bonds flagged as ‘a’ are eligible and those flagged as ’d’ are ineligible for DVP-3 settlement. This update references earlier circulars NSE/CML/23366 (May 8, 2013) and NSE/DS/24832 (October 25, 2013) and is effective from April 15, 2026.

Key Points

  • Revised eligibility list for DVP-3 settlement on the Institutional Platform of the Debt Segment is published as Annexure I
  • Bonds flagged ‘a’ = eligible; bonds flagged ’d’ = ineligible under DVP-3 settlement
  • Instruments span multiple large issuers including Axis Bank, Bank of Baroda, Bank of India, HDFC Bank, HPCL, ICICI Bank, Export-Import Bank of India, Aditya Birla Sun Life, and others
  • Each instrument is listed with both IINGDB/IINGBB/IINGID/IINGPT (buy) and IONGDB/IONGBB/IONGID/IONGPT (sell) variants
  • Instruments have varying maturity dates ranging from 2027 to 2036

Regulatory Changes

This circular supersedes/updates the eligible bond list previously notified under circulars NSE/CML/23366 dated May 8, 2013 and NSE/DS/24832 dated October 25, 2013. The revised Annexure I replaces the earlier list with updated eligibility flags for all privately placed corporate bonds on the Institutional Platform of the Debt Segment.

Compliance Requirements

  • All NSE members participating in the Institutional Platform of the Debt Segment must refer to the revised Annexure I for updated DVP-3 settlement eligibility
  • Members must ensure trades are routed appropriately based on the updated eligible/ineligible flags
  • No additional compliance action is required beyond awareness of the updated list

Important Dates

  • Circular Date: April 13, 2026
  • Effective Date: April 15, 2026

Impact Assessment

This circular has a medium operational impact on institutional investors and members active in the Debt Segment. The revised eligibility list determines which privately placed corporate bonds can be settled under the DVP-3 mechanism, which provides payment certainty and reduces counterparty risk. Issuers represented include major public sector banks (Bank of Baroda, Bank of India, Indian Bank, Export-Import Bank), private banks (Axis Bank, HDFC Bank, ICICI Bank), and large corporates (HPCL, Aditya Birla group entities). Changes in DVP-3 eligibility can affect liquidity and trading interest in specific bonds on the institutional platform.

Impact Justification

Routine but operationally significant update to DVP-3 eligible bond list affecting institutional debt market participants; impacts settlement options for multiple large issuers including banks and PSUs.