Description

NSE Clearing Limited updates the approved list of GOI securities, Sovereign Gold Bonds, Corporate Bonds, and empaneled banks for collateral purposes under the Debt Segment, effective May 2026.

Summary

NSE Clearing Limited (NCL) has issued Circular Ref. No. 007/2026 (Download Ref: NCL/DS/73904) dated April 24, 2026, revising the list of approved securities and banks for the Debt Segment. This supersedes the previous circular 006/2026 (NCL/DS/73409) dated March 20, 2026. The circular is effective for the month of May 2026.

Key Points

  • Annexure 1: Revised list of Sovereign Gold Bonds (SGBs), G-Sec, and T-Bills eligible as cash component of liquid assets, along with applicable haircut rates (uniformly 10% for all listed SGBs).
  • Annexure 2: Revised list of Corporate Bonds accepted as non-cash component of liquid assets, including market-wide applicable limits and haircut rates.
  • Annexure 3: Updated list of banks empaneled for issuance of Bank Guarantees (BGs) and Fixed Deposit Receipts (FDRs).
  • All SGB/G-Sec/T-Bills issued by RBI during the month are accepted as collateral from the date of issue.
  • A shut period of two days applies to G-Sec/T-Bills; members must release these instruments at least two days before maturity.
  • Member-banks must ensure that G-Sec provided as collateral is not reckoned for SLR purposes and is not used for trading.

Regulatory Changes

This circular updates the approved securities list on a monthly basis as part of NCL’s routine collateral management framework. No structural change in policy; haircut rates and eligibility criteria remain consistent with the prior circular (006/2026).

Compliance Requirements

  • All Members, Custodians, and PCMs must update their collateral holdings to reflect the revised approved securities list effective May 2026.
  • Members holding G-Sec/T-Bills as collateral must release them at least two days before maturity to account for the two-day shut period.
  • Member-banks must segregate G-Sec pledged as collateral from their SLR portfolio and must not use them for proprietary trading.
  • Members should refer to Annexure 3 for the updated list of banks eligible for BG and FDR issuance.

Important Dates

  • Circular Date: April 24, 2026
  • Effective Date: May 2026 (entire month)
  • Previous Circular: 006/2026 dated March 20, 2026 (superseded)

Impact Assessment

This is a routine monthly operational update with medium operational significance for debt segment participants. The uniform 10% haircut on all listed Sovereign Gold Bonds (22 instruments listed) and the inclusion/exclusion of specific securities in the approved list directly affect collateral planning for Members and Custodians. Member-banks face a specific compliance obligation to wall off pledged G-Sec from SLR and trading books. No new instruments or structural changes to the collateral framework are introduced.

Impact Justification

Routine monthly collateral update for NSE Clearing debt segment members; operationally important for Members, Custodians, and PCMs managing collateral but does not signal a policy shift. Haircut rate of 10% applies uniformly to all listed SGBs.