The National Commodity Clearing Limited (NCCL) on December 24, 2025, issued a circular regarding the Scheme of deposit for acceptance of Government Securities, Treasury Bills and Sovereign Gold Bonds as Collateral.
The scheme permits members to deposit approved Government Securities, Treasury Bills, and Sovereign Gold Bonds (SGBs) as collateral, subject to conditions prescribed by the Clearing Corporation. Eligible securities are drawn from lists issued by the National Stock Exchange (NSE) and are subject to haircuts determined and revised by the Clearing Corporation from time to time. Newly issued Government Securities, Treasury Bills, and SGBs by the RBI are accepted from the date of their listing on NSE, while benefits are withdrawn for securities removed from the approved list or two days prior to their maturity (including the maturity date). Clearing Members who are banks are not allowed to count Government Securities and Treasury Bills deposited as collateral towards Statutory Liquidity Ratio (SLR) or use them for trading.
Valuation of these securities is carried out on a daily basis, with Government Securities and Treasury Bills valued using prices disseminated by the Clearing Corporation of India Ltd. (CCIL) and SGBs valued based on prices disseminated by NSE. The applicable haircut is deducted from the market value to arrive at the eligible collateral value. The revised list of approved securities along with applicable haircut details is provided in Annexure 1.
[Circular No. NCCL/RISK-057/2025]
