What’s New on

NEW DEBT MARKET

What’s new on Debt

Revised Lot size

for Institutional
Odd Lot Settlement
Guarantee
(DVP III)

DVP I
Settlement ( for 7000+ new
negotiated deals) instruments

Negotiated
Trades
Trading Parameters
Particulars Retail Platform Institutional Platform Negotiated Platform

Publicly Issued Bonds,

Securities Non-Publicly issued debt instruments Specified Instruments
Government Securities etc.
9.00 am to 3:00 pm (T+0)
Trading Hours 9.00 am to 5:00 pm 9.00 am to 5:00 pm
9.00 am to 5.00 pm (T+1)
Trade modification end
time/Give up approval end 5:20 pm 5:20 pm Not Applicable
time
Order Matching on price time Matched trades will be approved
Trade Matching Order Matching on price time priority
priority by exchange
Normal Lot - Rs. 5 Cr and in Multiples
Market Lot 1 bond and in Multiples Rs. 1 lakh and multiples
Odd Lot Rs. 10 Lakhs and in Multiples
Normal Lot - Rs. 0.0001 (1/100 Paise)
Tick Size Rs. 0.01 (1 Paise) Rs.0.0001 (1/100 paise)
Odd Lot - Rs. 0.0001 (1/100 Paise)
Clean Price in terms of Face Clean Price in terms of Rs.100
Quotation Clean Price in terms of Rs.100
Value
+/-1% of the base price
Price range of Debt Security +/-1% of the base price +/-1% of the base price

Institutional Normal Lot – Number of

Quantity Freeze/single order Retail Debt – Number of bonds bonds for face value Rs 25 Crores
Not Applicable
limit for face value Rs 10 lakhs Institutional Odd Lot – Number of
bonds for face value Rs 50 lakhs

All members of equity derivatives and

All members eligible
Membership All members eligible currency derivatives segments of the
exchange
Clearing & Settlement
Particulars Normal Market Negotiated Platform

Settlement
DVP III basis (Netting of funds and securities) DVP I basis (Gross settlement).
Methodology
Settlement cycle shall be on T+1 basis in Settlement cycle shall be on T+0 or T+1 basis as per
Settlement Cycle
dematerialized mode. terms of the trade.

T0 - Pay in / Pay-out ( Funds and Securities ) : 03:30 pm

Pay in ( Funds and Securities ) : 11:00 am
Settlement Time Line T1 – Pay-in / Pay out ( Funds and Securities) : 11:00
Pay out ( Funds and Securities) : 12:00 pm
am

Settlement Guarantee NSCCL Settlement Guarantee shall be provided Settlement on CBRICS platform
Settlement NSCCL Settlement Mechanism CBRICS Settlement Mechanism
Mechanism • Custodian can view transactions for their • Trades to flow in CBRICS for Settlement at an
participant codes interval of 15 minutes
• CP trades confirmation through NCMS system • A separate CBRICS module is provided where
• Early Pay-in facility provided for securities negotiated trades shall be available
(https://www.bricsonline.net/debt/gui/index.html)
• Client code for trading on negotiated platform shall
be same as of CBRICS client code
• Custodian can view transactions for their
participant codes
Accrued Interest For bonds traded in Clean price adjusted to Rs. 100
= (Settlement date – Last IP date) * 100 * (Coupon Rate/365 or 366)

For bonds traded in Clean price adjusted to Face Value

= (Settlement date – Last IP date) * Face Value* (Coupon Rate/365 or 366)
Risk Management

Normal Market Negotiated Trades

• Initial margins levied as per
SPAN methodology
• Extreme loss margin of 2%
• Margins updated six times a day
• Financial close-out at 4% of Since DVP I
traded price in case of settlement on
settlement failure CBRICS, No Risk
• Penal charges applicable for non Management
compliance of margin and policies
settlement requirement applicable
Important Links - Debt
Click the link below to access the information on the Debt site

• Product Specifications

• List of Instruments

• Accrued Interest for the month

• FAQs
Help-line

Normal Market Negotiated Trades

• Trading : • Trading :
Toll Free : 1800 22 0053 Toll Free : 1800 22 0053
• Email : wdm@nse.co.in • Email : wdm@nse.co.in

• Clearing: • Clearing
Toll Free : 1800 22 0057 022-26598169/ 26598241
Fax :022-26598269 Fax :022-26598183
• Email: securities_nsccl@nse.co.in • Email : cbclearing@nse.co.in

• Risk Management:
Toll Free : 1800 22 0057
Fax : 022-26598242
• Email : risk_group@nse.co.in