The main reason behind this happening is that NCL (NSE Clearing Limited, aka the Clearing Corporation) has stopped accepting these securities as collateral from 1st March 2024. This can be verified by checking the exchange’s circular regarding the same (circular link - Annexure 4)
This has not only impacted those 2 securities. If you check the previous month’s circular (circular link, Annexure 4) and compare it with the current month’s circular, the following G-Secs have been removed -
| S.No. | ISIN | Security Description | Maturity Date |
|---|---|---|---|
| 1 | IN0020190024 | 7.62% G.S. 2039 | 15-Sep-39 |
| 2 | IN0020100031 | 8.30% G.S. 2040 | 02-Jul-40 |
| 3 | IN0020110063 | 8.83% G.S. 2041 | 12-Dec-41 |
| 4 | IN0020120062 | 8.30% G.S. 2042 | 31-Dec-42 |
| 5 | IN0020190040 | 7.69% G.S. 2043 | 17-Jun-43 |
| 6 | IN0020130079 | 9.23% G.S. 2043 | 23-Dec-43 |
| 7 | IN0020150044 | 8.13% G.S. 2045 | 22-Jun-45 |
| 8 | IN0020160068 | 7.06% G.S. 2046 | 10-Oct-46 |
| 9 | IN0020190032 | 7.72% G.S. 2049 | 15-Jun-49 |
| 10 | IN0020200054 | 7.16% G.S. 2050 | 20-Sep-50 |
| 11 | IN0020200252 | 6.67% G.S. 2050 | 17-Dec-50 |
| 12 | IN0020160092 | 6.62% G.S. 2051 | 28-Nov-51 |
We had reached out to the CC regarding this matter and we got a reply that these securities no longer form part of securities eligible for pledging at the CCIL level and hence have been removed by NCL as well. The CCIL list is available at this link (which also has these securities removed). Will update here with the exact criteria that were violated that caused these securities to be removed.