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Extract of SEBI circular no: CIR/MRD/DP/03/2013 dated: Jan 24, 2013

  1. The trading hours shall be from 9:00 hours to 17:00 hours to be in alignment with trading hours of government securities as issued by RBI.
  2. The day count convention of Actual/Actual shall be followed for calculating interest rates.
  3. The stock exchange shall facilitate availability of price quotes on clean price, dirty price and yield.
  4. There shall be no shut period during which trades/ transfers are restricted for payment of interest or part redemptions. For other corporate actions such as redemptions/ put-call options, issuers may choose to specify a shut period.
  5. The record date shall be fixed not more than 15 days prior to date of corporate action which shall be displayed on trading terminal by stock exchanges.
  6. In case of negotiated trades by members of the debt segment, the trades shall be reported to stock exchange within 30 minutes of the trade.


Download SEBI circular no: CIR/MRD/DP/03/2013 dated: Jan 24, 2013 (.pdf)

In pursuance to the Trading Regulations of the Exchange following trading parameters are specified for the Debt segment:

Security Information: Retail Platform Order Matching shall be the platform for trading of Publicly issued debt instruments.

Permitted Lot Size
The publicly issued debt instrument shall be available for trading in below mentioned permitted lot sizes:

Description Lot Size
Retail Debt 1

Price Step for Debt Securities
The price step in respect of the publicly issued debt security admitted to dealings on the Exchange shall be as follows:

Description Price Step
Retail Debt 1 Paise i.e. Rs 0.01

Interest Rate - Day Count Convention: The day count convention of Actual / Actual shall be followed for calculating accrued interest.

Price Quotes: The trading and price quotes for publicly issued debt instruments shall be on the basis of clean price in terms of Face Value.

Quantity Freeze
The Quantity Freeze in respect of the publicly issued debt security admitted to dealings on the Exchange shall be as follows:

Description Quantity Freeze
Retail Debt Quantity derived by dividing Rs.10 lakhs by face value of Debt Security

Security Information: Institutional Platform Order Matching shall be the platform for trading of Non-Publicly issued debt instruments

Permitted Lot Size
The non-publicly issued debt instrument shall be available for trading in 2 permitted lot sizes as follows:

Description Lot Size
Institutional Normal Lot ( = Rs. 5 Crore ) Quantity derived by dividing Rs.5 Crore by face value of Debt Security
Institutional Odd Lot ( = Rs. 10 Lakhs ) Quantity derived by dividing Rs.10 Lakhs by face value of Debt Security

Price Step for Debt Securities
The price step in respect of the non-publicly issued debt security admitted to dealings on the Exchange shall be as follows:

Description Price Step
Institutional Normal Lot ( = Rs. 5 Crore ) Hundredth Paise i.e. Rs. 0.0001
Institutional Odd Lot ( = Rs. 10 Lakhs ) Hundredth Paise i.e. Rs. 0.0001

Interest Rate - Day Count Convention: The day count convention of Actual / Actual shall be followed for calculating accrued interest.

Price Quotes: The trading and price quotes for publicly issued debt instruments shall be on the basis of clean price in terms of 100.

Quantity Freeze
The Quantity Freeze in respect of the publicly issued debt security admitted to dealings on the Exchange shall be as follows:

Description Quantity Freeze
Institutional Normal Lot ( = Rs. 5 Crore ) Quantity derived by dividing Rs.25 Crore by face value of Debt Security
Institutional Odd Lot  ( = Rs. 10 Lakhs ) Quantity derived by dividing Rs. 50 Lakhs by face value of Debt Security

Order type/Order book/Order attribute

  1. Regular lot order
  2. Stop loss order
  3. Immediate or cancel

Base Price & operating ranges applicable to the Debt security on the first day.

Base price of the non-publicly issued debt security on the first day shall be the previous days closing price for the debt security in the wholesale debt market segment. The base price of the non-publicly issued debt security on subsequent trading days shall be the daily closing price of the debt security in the debt segment.

Price ranges of debt security

The daily price ranges applicable to non-publicly issued Debt securities shall be kept at +/-1% of the base price for debt security. In respect of orders which have come under price freeze, the members would be required to confirm to the Exchange that there is no inadvertent error in the order entry and that the order is genuine. On such confirmation, the Exchange may take appropriate action.

Trade Modification requests

Trading members shall be permitted to modify trades with respect to Client Codes. Order level trade modification facility for modifying client codes associated with all trades of the order shall be available.

Trade cancellation requests

Requests for trade cancellation, if any, permitted by the Exchange shall be allowed on the same trading day during the Normal Market Hours.

Updated on: 27/06/2022
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