NSE has notified the listing of 23 State Development Loans (SDLs) on the Capital Market Segment, effective April 07, 2026. These securities are issued by various state governments including Uttarakhand, Tripura, West Bengal, Uttar Pradesh, Kerala, Haryana, Andhra Pradesh, Madhya Pradesh, Nagaland, and Rajasthan. All securities are assigned the SG series with a lot size of 100 units each.

Key Points

• 23 SDLs admitted to dealings on NSE Capital Market Segment from April 07, 2026
• All securities carry the SG series designation with a uniform lot size of 100
• Coupon rates range from 7.38% (SDL HR 7.38% 2031) to 8.09% (multiple SDLs)
• Maturities span from 2031 to 2056
• States covered: Uttarakhand (UK), Tripura (TR), West Bengal (WB), Uttar Pradesh (UP), Kerala (KL), Haryana (HR), Andhra Pradesh (AP), Madhya Pradesh (MP), Nagaland (NL), Rajasthan (RJ)
• Securities are identified by designated codes for trading purposes
• Issued pursuant to Regulation 3.1.1 and Regulation 2.5.5 of the NSE Capital Market Trading Regulations Part A

Regulatory Changes

No regulatory framework changes. This circular operates under the existing NSE Capital Market Trading Regulations Part A:

• Regulation 3.1.1: Governs admission of securities to dealings
• Regulation 2.5.5: Governs lot sizes for securities

Compliance Requirements

• Members must use only the designated security codes when trading these SDLs
• Trading must be conducted in the specified lot size of 100 units per security
• No additional compliance actions required from members beyond standard debt segment trading norms

Important Dates

• Circular Date: April 02, 2026
• Effective Date: April 07, 2026 (all 23 SDLs admitted to trading)
• Maturity Dates: Range from March 30, 2031 (SDL HR 7.38% 2031) to March 30, 2056 (SDL UP 8.09% 2056 and SDL WB 8.04% 2056)

Impact Assessment

This circular expands the tradeable universe of government debt instruments on NSE. The addition of 23 SDLs enhances liquidity options for institutional investors, mutual funds, insurance companies, and other debt market participants seeking state government paper. Coupon rates between 7.38%–8.09% reflect current market conditions for state government borrowings. The long-dated maturities (up to 2056) cater to long-duration investment mandates. Impact is primarily on the debt/bond segment and does not affect equity market participants.