Description

NSE has revised the list of privately issued corporate bonds eligible for DVP-3 settlement on the Institutional Platform of the Debt Segment, covering bonds from major issuers including IRFC, RIL, LIC Housing Finance, Power Grid, NABARD, and others.

Summary

NSE has issued a revised Annexure listing privately issued corporate bonds that are eligible for settlement under the DVP-3 (Delivery versus Payment - 3) mechanism on the Institutional Platform of the Debt Segment. The update covers a broad set of bonds issued by major public sector undertakings, financial institutions, and large corporates across various maturities.

Key Points

  • The revised list (Annexure I) specifies eligible corporate bond instruments for DVP-3 settlement on NSE’s Institutional Debt Platform.
  • Bonds are identified by their NSE symbols, ISIN codes, issue dates, maturity dates, coupon details, face value, and issued capital.
  • Both IINGDB/IINGAT/IINGID/IINGPT/IINGBB and corresponding IONGDB/IONGAT/IONGID/IONGPT instrument types are listed, covering institutional odd-lot and regular lot categories.
  • Settlement type is T1 (next business day) for all listed instruments.
  • The list includes bonds from leading PSU and private sector issuers with maturities ranging from 2027 to 2037.
  • Credit ratings from multiple agencies are assigned to each instrument.

Eligible Bond Issuers

Key issuers included in the revised eligible list:

  • L&T Finance Limited (LTFL31 – maturity 27-Jun-2031)
  • Aditya Birla Housing Finance Limited (ABHFL29 – maturity 25-Jan-2029)
  • Canara Bank (CBA – maturity 02-Mar-2026)
  • National Bank for Agriculture and Rural Development – NABARD (NBRD33A, NBRD29, NBRD27, NBRD35, NBRD29A)
  • Reliance Industries Limited (RIL28 – maturity 09-Nov-2028)
  • Indian Railway Finance Corporation – IRFC (IRFC27, IRFC34, IRFC29, IRFC34A)
  • LIC Housing Finance Limited (LICH29, LICH27, LICH34)
  • National Highways Authority of India – NHAI (NHAI29)
  • Power Grid Corporation of India (PGC34, PGC35)
  • Food Corporation of India (FCI29)
  • ICICI Bank (ICIC28)
  • HDFC Bank (HDBK29, HDBK28)
  • Union Bank of India (UBI37)
  • REC Limited (REC34, REC30, REC27)
  • Power Finance Corporation (PFCL35, PFCL30, PFCL27, PFCL31C)
  • Bank of India (BOI34)
  • NTPC Limited (NTPC35)
  • HPCL (HPCL29)
  • NIIF (NIIF30)
  • Tata Capital / TCL (TCL30)
  • SFL (SFL28)
  • TACA (TACA29)
  • BTL (BTL34)
  • SDIP (SDIP30)

Regulatory Changes

This circular represents a periodic revision to the list of corporate bonds eligible under DVP-3 settlement, ensuring the institutional debt platform reflects current bond issuances. No structural changes to the DVP-3 settlement framework itself have been introduced.

Compliance Requirements

  • Institutional participants trading on NSE’s Debt Segment Institutional Platform must refer to the updated Annexure I for the revised list of DVP-3 eligible bonds.
  • Trading members and custodians should update their internal eligibility records accordingly.
  • Settlement of trades in listed instruments must follow the T1 DVP-3 mechanism as specified.

Important Dates

  • Circular Date: 14-May-2026
  • Effective Date: As applicable from the date of circular issuance.
  • Bond maturities in the list range from 2026 to 2037, with coupon end dates and next interest payment dates specified per instrument in Annexure I.

Impact Assessment

This update is operationally significant for institutional investors, debt fund managers, insurance companies, and other entities participating in NSE’s Institutional Debt Platform. The expanded/revised list provides clarity on which corporate bonds qualify for DVP-3 settlement, supporting efficient secondary market trading in private placement bonds. The inclusion of highly rated PSU and financial sector bonds (IRFC, NABARD, REC, PFC, Power Grid) ensures continued liquidity for institutional participants. Equity market impact is minimal; however, bond market participants should update settlement eligibility references to avoid trade rejection.

Impact Justification

Routine update to the eligible bond list for DVP-3 settlement; operationally significant for institutional debt market participants but does not introduce new regulatory requirements or affect equity markets directly.