The National Commodity Clearing Limited (NCCL), on April 27, 2026, issued a circular revising the scheme of deposit for acceptance of Government Securities, Treasury Bills, and Sovereign Gold Bond (SGB) Scheme as collateral towards Additional Base Capital (ABC), in alignment with Securities and Exchange Board of India guidelines. The updated framework refers to the SEBI Master Circular dated August 4, 2023 and revises the approved list of eligible securities along with applicable haircut percentages.
Under the revised scheme, clearing members are permitted to deposit approved Government Securities, Treasury Bills, and SGBs as collateral, based on lists issued by National Stock Exchange. These securities will be subject to haircuts determined by NCCL, and their eligibility may be periodically revised. Newly issued securities by RBI will be accepted from the date of listing on NSE, while benefits on discontinued securities will cease, and collateral benefits will be withdrawn two days prior to maturity. Additionally, banks acting as clearing members must ensure that such securities are not counted for Statutory Liquidity Ratio (SLR) purposes or used for trading.
For valuation, Government Securities and Treasury Bills will be priced based on rates published by Clearing Corporation of India Ltd., while SGBs will be valued using NSE prices. The collateral value will be computed after applying the prescribed haircut. The revised list of eligible securities and haircut details (Annexure 1) will come into effect from the start of trading on May 4, 2026.
[Notification No. NCCL/RISK-021/2026]
